$300 to Kersee Company. On June 24, payment is received from Eng Co. for the balance due. What is the amount of cash received?
4. Accounts and notes receivable are reported in the current assets section of the balance sheet at:
5. Net credit sales for the month are $800,000. The accounts receivable balance is $160,000. The allowance is calculated as 7.5% of the receivables balance using the percentage‐of‐receivables basis. If Allowance for DoubtfulAccounts has a credit balance of $5,000 before adjustment, what is the balance after adjustment?
(a) $12,000.(b) $7,000.(c) $17,000.(d) $31,000.(LO 3)
6. In 2017, Patterson Wholesale Company had net credit sales of $750,000. On January 1, 2017, Allowance for Doubtful Accounts had a credit balance of $18,000. During 2017, $30,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage‐of‐receivables basis). If the accounts receivable balance at December 31 was $200,000, what is the required adjustment to Allowance for Doubtful Accounts at December 31, 2017?
7. An analysis and aging of the accounts receivable of Raja Company at
December 31 reveal these data:Accounts receivable$800,000Allowance for doubtful accounts per books before