Ch 5 and 7 online review.xlsx - Accounts Receivable Following is information regarding the Company's accounts receivable at Accounts receivable

Ch 5 and 7 online review.xlsx - Accounts Receivable...

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Accounts Receivable Following is information regarding the Company's accounts receivable at December 31, 2012: Accounts receivable 10,000 debit Allowance for doubtful accounts 2,000 debit Credit sales for 2012 200,000 Esimated % of credit sales that will not be collected 5% Accounts receivable aging: Current 5,000 1% 50 1-30 days 1,000 5% 50 31-90 days 2,000 10% 200 91-180 days 1,500 50% 750 greather than 180 days 500 100% 500 10,000 1,550 credit 1. What is the adjusting journal entry at December 31, 2012 using the aging or %-of-receivalbes method? 2. What is the adjusting journal entry at December 31, 2012 using the aging or %-of-sales method? 3. How would the Company report accounts receivable on the balance sheet at December 31, 2012 (assuming it used the % of receivable method in question 1) Account receivable, net 8,450
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