What amount of uncollectible accounts expense

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Reference no: EM13536062

The following information comes from the accounts of Jersey Company.

Account Title

Beginning Balance

Ending Balance

Accounts receivable

$30,000

$34,000

Allowance for doubtful accounts

1,800

1,700

Notes receivable

40,000

40,000

Interest receivable

1,200

3,600

Required

a. There were $170,000 in sales on account during the accounting period. Write-offs of uncollectible accounts were $1,400. What was the amount of cash collected from accounts receivable? What amount of uncollectible accounts expense was reported on the income statement? What was the net realizable value of receivables at the end of the accounting period?

b. The note has a 6 percent interest rate and 24 months to maturity. What amount of interest revenue was recognized during the period? How much cash was collected for interest?

Reference no: EM13536062

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