Homework Answers
a)
| Date | Events | Particulars | Debit | Credit | ||
| 30-Jun | 1) | Accounts Receivable | $ 142,000.00 | |||
| Cash | $ 43,000.00 | |||||
| To Sales | $ 185,000.00 | |||||
| 30-Jun | 2) | Cash | $ 128,000.00 | |||
| To Accounts Receivable | $ 128,000.00 | |||||
| 30-Jun | 3) | Allowance for uncollectibles | $ 1,900.00 | |||
| To Accounts Receivable | $ 1,900.00 | |||||
| 30-Jun | 4) | Accounts Receivable | $ 600.00 | |||
| To Allowance for uncollectibles | $ 600.00 | |||||
| 30-Jun | Cash | $ 600.00 | ||||
| To Accounts Receivable | $ 600.00 | |||||
b)
| 30-Jun | Bad Debts | $ 1,670 | ||||
| To Allowance for uncollectibles | $ 1,670 | |||||
| ($ 37100 x 4.5%) | ||||||
c)
| Net Realizable value of Accounts Receivable ($ 37100 - $ 1670) | $ 35,430.00 | ||||
Workings:
| Accounts Receivable | Allowance for uncollectibles | |||||||
| Beg. Bal. | $ 25,000.00 | 2) | $ 128,000.00 | 3) | $ 1,900.00 | Beg. Bal. | $ 1,125.00 | |
| 1) | $ 142,000.00 | 3) | $ 1,900.00 | 4) | $ 600.00 | |||
| 4) | $ 600.00 | 5) | $ 600.00 | |||||
| End. Bal | $ 37,100.00 | |||||||
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