Homework Answers
a.
Allowance for Uncollectible Accounts is a balance sheet account. It has to be reassessed at year end.
At year end estimated loss is $ 1,680. We already have an unused balance of $ 400. So expense would be $ 1,280
Mohan Company would report $ 1,280 as bad debts expense in 2016
b.
Net amount of accounts receivable = Gross amount - Allowance for Uncollectible Accounts
= 78,400 - 1,680 = 76,720
c.
| Bad Debts Expense | |||
| Allowance for Doubtful Accounts | 1280 | ||
| Bal | 1280 |
| Allowance for Doubtful Accounts | |||
| Beg Bal | 400 | ||
| Bal | 1680 | Bad Debts Expense | 1280 |
| 1680 | 1680 |
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