Class+Exercise+from+2-18-09+_1_ - the amount of $900 was...

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CLASS EXERCISE Topic: Accounts Receivable & Write-offs The Bond Company had the following account balances as of December 31, 2008: Accounts Receivable $ 500,000 Allowance for Uncollectible Accts 30,000 (CR) Sales 5,000,000 The Bond Company had the following transactions: 1. On December 31, 2008, the company estimated its uncollectible accounts expense to be 1% of sales. 2. On January 15, 2009, the company decided that the account for the Green Company in
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Unformatted text preview: the amount of $900 was uncollectible. 3. On February 20, 2009, the company received the Green Company’s check in the amount of $400. The check was marked “in final settlement of account.” REQUIRED: Record all of the necessary journal entries for these transactions. Determine the net realizable value (NRV) of accounts receivable after each transaction....
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This note was uploaded on 02/08/2011 for the course ACCT 2101 taught by Professor Turner during the Spring '08 term at Georgia Tech.

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