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TeamEx-6 - Acc 310F Summer 2010 Class 11:30(8.13.10 Team...

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Acc 310F - Summer 2010 Team Exercise #6 Class: 11:30 (8.13.10) Team #: Team Member Name (please print): Team Member Signature: Your team's solution must be turned in on the answer sheet provided. Also, each team member must sign THIS sheet and turn it in with the team's solution to receive credit for the exercise. Please ***alphabetize *** these sheets (or lose 1 point) before they are stapled behind your answer sheet. 1. Accounts Receivable Roman House of Pizza (RHP) sells frozen pizzas to grocery stores. At the end of the current year, RHP had an accounts receivable balance of $175,000. Sales (all credit) for the year were $556,000. $2,700 in sales were returned because the expiration date on the products had passed. The balance in the allowance for doubtful accounts at the beginning of the year was $6,546. One account in the amount of $1,440 was written off because the customer went out of business. On the last day of the year, RHP recorded bad debts (doubtful account) expense of $4,500.
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