Using the information provided for 2017, calculate the net realizable value of accounts receivable at December 31, 2016, and prepare the appropriate balance sheet presentation for Carr Co., as of that point in time
Homework Answers
| Accounts Receivable | |||
| Beginning Bal. | 100000 | Cash collections | 820000 |
| Sales on account | 800000 | Accounts written off | 30000 |
| Ending Bal. | 50000 | ||
| Allowance For Bad debt | |||
| Accounts written off | 30000 | Beginning Bal. | 14000 |
| Bad Debts expense | 24000 | ||
| ending bal. | 8000 | ||
| Net realizable value = Accounts receivable - Allowance for bad debt | |||
| Dec 31,2018 | |||
| Accounts Receivable | 50000 | ||
| Less: Accounts Written Off | 8000 | ||
| Net realizable value = Accounts receivable - Allowance for bad debt | 42000 | ||
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Record the adjusting entry at December 31, 2017, assuming bad
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Date
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