[newbeach27]

During 2013, its first year of operation Bing auto parts experienced the following:
Sales on account 320,000
Cash sales 680,000
Collections of account receivable 295,000
uncollectible accounts charged off during the year 1,400

assume bing auto parts uses the allowence method of accounting for uncolletible accounts and estimates the 1 percent of its sales on account will not be collected. Answer the following questions:

1)what is the accounts reciveable balance at DEC 31,2013
2)What is the ending balance of the allowance for doubtful accounts at DEC 31,2013
3)what is the amount of uncolltible accounts expense for 2013
4)what is the net realizable value of accounts recievable at DEC 31,2013

[newbeach27]

Poole enterprises loaned 30,000 to boyd Co. on September 1,2013. For one year at 6% interest

Required:
Record these general journal entries for poole enterprise:
1: the loan to boyd co.
2:the adjusting entry at DEC 31,2013
3: the adjusting entry and collection of the note on September 1, 2014

[Curlyben]

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