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    yayaboaboa's Avatar
    yayaboaboa Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Dec 5, 2008, 11:48 PM
    Percent of accounts receivable method
    a.
    Sold $1,351,800 of merchandise (that had cost $977,300) on credit, terms n/30.

    b.
    Wrote off $18,000 of uncollectible accounts receivable.

    c.
    Received $667,300 cash in payment of accounts receivable.

    d.
    In adjusting the accounts on December 31, the company estimated that 1.3% of accounts receivable will be uncollectible.
    My answer

    a.
    Accounts Receivable 1351800


    Sales 1351800
    Cost of Goods Sold
    977300


    Merchandise Inventory
    977300

    b.
    Allowance for Doubtful Accounts 18000


    Accounts Receivable 18000


    c.
    Cash 667300


    Accounts Receivable
    667300



    But I don't know how to Solution



    d.
    Bad Debts Expense ?




    Allowance for Doubtful Accounts ?
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Dec 5, 2008, 11:54 PM
    Thank you for taking the time to copy your homework to AMHD.
    Please refer to this announcement: Ask Me Help Desk - Announcements in Forum : Homework Help
    yayaboaboa's Avatar
    yayaboaboa Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Dec 6, 2008, 12:30 AM
    Sorry... but I just want to know
    How can I account the ending account receivable...
    I think the question is ambiguity.
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