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Prepare entries to record the receivables transactions

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Reference no: EM13524412

Company uses allowance method of accounting for uncollectible accounts.
12/31/2009
Accounts receivable
100,000
debit balance
Allowance for doubtful accounts
6,000
credit balance
During 2010, the following sales transactions occurred:
Credit sales of $800,00
Collections of $750,000
A customer balance of $1,000 is determined to be uncollectible.
An amount previously written off ($350) was received.
Based on prior experience, the company estimates that 5% of the AR balance at 12/31/10
is uncollectible.

Prepare the entries to record the receivables transactions;

Calculate the net realizable value of accounts receivable at 12/31/10

Reference no: EM13524412

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