ACC 201 week 3 Assignment 1

# ACC 201 week 3 Assignment 1

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Chapter 5 Problems

Shantae Lovett

ACC 201

LaKeitha Givens

December 16, 2012

5-24 determining account balances: percent of revenue allowance method of accounting for uncollectible accounts.

1. 925,000 x .5% 4,625

2.

Accounts Receivable

Allowance for Doubtful Accounts

Beginning Balance52,500

Beginning Balance 4,725

Sales on account.925,000

Uncoll. Acct. expense4,625

Collections on account(835,000)

Write off of bad accts (3,100)

Balance6,250

Balance139,400

Accounts Receivable Balance, 12/31/12

139,400

Less: Allowance for Doubtful Accounts, 12/31/12

*6,250*


Net Realizable Value

133,150

5-26 determining of account balances - percent of receivables allowance method of accounting for uncollectible accounts.

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ACC 201
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Excerpt from file: Ch.5problems 1 Chapter5Problems ShantaeLovett ACC201 LaKeithaGivens December16,2012 Ch.5problems 2 524determiningaccountbalances:percentofrevenueallowancemethodof accountingforuncollectibleaccounts. 1.925,000x.5%4,625 2. AccountsReceivable BeginningBalance 52,500 Salesonaccount. 925,000

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