Prepare the journal entry for sanchez company to write off, Ask an Expert

Accounting

At the end of 2012 Sanchez Company has accounts receivable of $400,000 and an allowance for doubtful accounts of $20,000. On January 16, 2013, Sanchez Company determined that its receivable from Maximillan Company of $3,000 will not be collected, and management authorized its write-off.

Instructions:

(a) Prepare the journal entry for Sanchez Company to write off the Maximillan receivable.

(b) What is the net realizable value of Sanchez Company’s accounts receivable before the write-off of the Maximillan receivable?

(c) What is the net realizable value of Sanchez Company’s accounts receivable after the write-off of the Maximillan receivable?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9411167

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