At the beginning of 2009 pental company had the following, Ask an Expert

Accounting

At the beginning of 2009, Pental Company had the following balances:
A/R = $122,000
Allowance for Uncollectible Accounts = $7,900

During 2009, their credit sales were $1,173,000 and collections on A/R were $1,150,000. The following additional transactions occured during the year:

Feb 17, wrote off XXX Account, $3,600
May 28, wrote off YYYAccount, $2,400
Dec 15, wrote off ZZZ Account, $900
Dec 31, recorded bad debts expense assuming that Penman's poilcy is to record bad debts expense at 0.8% of credit sales (hint: the allowance account is increased by 0.8% of credit sales regardless of write-offs.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9978622

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