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Unformatted text preview: $500,000 Accounts receivable, 1/1/2004 250,000 Accounts receivable, 12/31/2004 320,000 Allowance for Uncollectible accounts, 1/1/2004 14,000 Write-off of specific accounts during 2004 1,600 Assuming management determines that based on past experience, 1% of net credit sales are estimated to be uncollectible, calculate: a. Prepare the journal entry to record bad debt expense for 2004 (2 points) b. The Balance in the allowance for uncollectible accounts on 12/31/200 (4 points) Assuming management performs an aging analysis of accounts receivable and determines that $21,000 of the accounts receivable at 12/31/2004 are estimated to be uncollectible, calculate: a. The bad debt expense for 2004 (3 points) b. The Balance in the allowance for uncollectible accounts on 12/31/2004 (2 points) c. Net realizable value of accounts receivable on 12/31/2004 (2 points)...
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- Spring '08