Ortiz automotive ended december 2009 with accounts, Ask an Expert

Accounting

Ortiz Automotive ended December 2009 with Accounts Receivable of $20,000 and Allowance for Uncollectible Accounts of $5,900. During January 2010, Ortiz Automotive completed the following transactions:

Sales of $260,000, which included $160,000 in credit sales and $100,000 of cash sales.

Cash collections on account, $54,000.
Write-offs of uncollectible receivables, $2,500.
Uncollectible accounts expense, estimated as 4% of credit sales.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982201

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