Compute Net Accounts Receivable

Topics: Accounts receivable, Accounts payable, Accounting software Pages: 3 (383 words) Published: October 23, 2010
Question 1

For each of the following independent situations, compute net accounts receivable.

a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts.

b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 of uncollectible accounts.

c. Accounts Receivable has a balance of $84,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. Net credit sales for the year are $250,000 and 3% is estimated to be uncollectible.

d. Accounts Receivable has a balance of $83,000. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. Net credit sales for the year are $250,000 and 3% is estimated to be uncollectible.

| | | | | |1 |(a) |Accounts receivables |$14,000 | | | |Allowance for Uncollectible accounts balance |$1,100 | | | | | | | | |Net Accounts receivable (14000 less 1100) |$12,900 | | | | | | | |(b) |Accounts Receivables |$25,700 | | | |Allowance for Uncollectible accounts balance |$2,300 | | | |...
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