Compute Net Accounts Receivable for the Following Independent Situations

question 120

Short Answer

Compute net accounts receivable for the following independent situations.
a)Accounts receivable has a balance of $16,000. The allowance for doubtful accounts has a credit balance prior to adjustment of $350. An aging schedule prepared on December 31 reveals $1,250 of uncollectible accounts.
b)Accounts receivable has a balance of $17,500. The allowance for doubtful accounts has a debit balance prior to adjustment of $560. An aging schedule prepared on December 31 reveals $1,500 of uncollectible accounts.
c)Accounts receivable has a balance of $15,500. The allowance for doubtful accounts has a debit balance prior to adjustment of $760. Net credit sales for the year are $35,000 and 3.5% of net credit sales are deemed uncollectible.
d)Accounts receivable has a balance of $20,200. The allowance for doubtful accounts has a credit balance prior to adjustment of $460. Net credit sales for the year are $35,000 and 4.5% of net credit sales are deemed uncollectible.

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Definitions:

Storing

The act of keeping or placing things in a designated location for future use.

Negative/Normal

Terms used in medical testing and diagnostics to denote results that show the absence of a disease, condition, or abnormality.

Positive/Abnormal

Indication of a test result or medical examination finding that deviates from the normal or expected range, possibly signaling a disease or condition.

Patient Chart

A comprehensive record maintained by hospitals and clinics that contains all the medical history, diagnosis, treatments, and care notes for an individual patient.