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1. Eurobake Inc. made a $50,000 sale on account with terms of 1/15, n/30. If the company uses the net method, which of the following will be included in the journal entry to record the sale on account?
- debit Accounts Receivable $49,500
2. Marston Company has outstanding accounts receivable totaling $1.5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of $2,000 in the allowance for doubtful accounts as of December 31. After aging its receivables, the company estimates that 8% of its total outstanding receivables will be uncollectible. What will be the amount of bad debt expense recognized for the year?
- $118,000
3. Marston Company has outstanding accounts receivable totaling $4.5 million as of December 31 and sales on credit during the year of $20 million. There is also a credit balance of $18,000 in the allowance for doubtful accounts. After aging its receivables, the company estimates that 2% of its receivables will be uncollectible. What will be the balance for the Allowance for Uncollectible Accounts after the year-end adjustment is made to record bad debt expense?
- $90,000
4. Prior to adjustments, Willett Company's account balances at December 31, 2018, for Accounts Receivable and the related Allowance for Uncollectible Accounts were $2,700,000 and $120,000, respectively. An aging of accounts receivable indicated that $207,000 of the December 31, 2018, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2018, was ________.
- $2,493,000
