Allowance for uncertain accounts, Accounting Basics

An aging of Sernett Company's accounts receivable at the end of 2012 yielded the following information about the lengths of time that the receivables had been outstanding:

 

2064_Untitled.png

 

The balance in the Allowance for Doubtful Accounts before adjustments was $310.

Based on the preceding information,

a) What should be the balance in the Allowance for uncertain Accounts after the adjusting entry?

b) What is the amount of uncollectible accounts cost that should be reported on the income statement? 

 

 

Posted Date: 3/22/2013 5:06:26 AM | Location : United States







Related Discussions:- Allowance for uncertain accounts, Assignment Help, Ask Question on Allowance for uncertain accounts, Get Answer, Expert's Help, Allowance for uncertain accounts Discussions

Write discussion on Allowance for uncertain accounts
Your posts are moderated
Related Questions
Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It

80 - 20 rule - A common rule of thumb in business which says that 20% of the items produce80% of the action -- 20% of product line produces 80% of the sales, 20 percent of thecusto

A part of Deeper Coral's income is earned from conducting diving lessons.  Level Lesson Type Fee per hour I Intro

Part 1 (a) Name and describe the three concepts that form the basis of double entry bookkeeping, and explain how they form the basis of double entry bookkeeping. (b) How doe

Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe

Q. What is invoice? An invoice is a document prepared by the seller of merchandise as well as sent to the buyer. The invoice contains the details of a sale such like the number

Instructions: 1. Using the journal entry sheet provided, record the transactions for January. January is the first full month of operations. 2. After journalizing the transactio

Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this

Maryanne was looking to purchase a local business that sold coal jewelry to tourists along the interstate. The present business owner instructed his accountant, Jane Sane, CPA, to

During the tracking period, 18 March to 21 April 2011, your team is to monitor the performance of the shares and the overall performance of the Australian share-market.  Can you ma