Reference no: EM131294129
The accounts receivable balance for Don’s Shoe Repair at December 31, 2014, was $89,000. Also on that date, the balance in Allowance for Doubtful Accounts was $2,400. During 2015, $2,500 of accounts receivable were written off as uncollectible. In addition, Don’s Shoe Repair unexpectedly collected $100 of receivables that had been written off in a previous accounting period. Sales on account during 2015 were $216,000, and cash collections from receivables were $217,982. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Also on that date, the balance in Allowance for Doubtful Accounts was $2,400 and the balance in Retained Earnings was $86,600.
Required
a. Organize the information in accounts under an accounting equation. (Show effect on the accounting equation in the order provided in the question. Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".)
b. Based on the preceding information, compute (after year-end adjustment):
(1) Balance of Allowance for Doubtful Accounts at December 31, 2015.
(2) Balance of Accounts Receivable at December 31, 2015.
(3) Net realizable value of Accounts Receivable at December 31, 2015.
c. What amount of uncollectible accounts expense will Don’s Shoe Repair report for 2015?
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