Homework Answers
1.
Account receivable, January 1, 2003 = $86,000
Allowance for uncollectible accounts, January 1, 2003 =$17,000
Net realizable value of account receivable on January 1, 2003 = Account receivable, January 1, 2003 - Allowance for uncollectible accounts, January 1, 2003
= 86,000 - 17,000
= $69,000
2.
Allowance for uncollectible accounts, Dec 31, 2003 = Allowance for uncollectible accounts, January 1, 2003 - Uncollectible accounts written off
= 17,000 - 19,000
= $2,000 (Debit)
Account receivable Dec 31, 2003 = Account receivable, January 1, 2003 + Credit sales - Cash collected from customers - Uncollectible accounts written off
= 86,000 + 300,000 - 280,000 - 19,000
= $87,000
| Account receivable | $87,000 |
| Allowance for uncollectible accounts | $2,000 (Debit) |
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