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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 42
Applying the direct write-off method to account for uncollectibles
Sherman Peterson is an attorney in Los Angeles. Peterson uses the direct write-off method to account for uncollectible receivables.
At January 31, 2012, Peterson's accounts receivable totaled $15,000. During February, he earned revenue of $18,000 on account and collected $19,000 on account. He also wrote off uncollectible receivables of $1,800 on February 29, 2012.
Requirements
1. Use the direct write-off method to journalize Peterson's write-off of the uncollectible receivables.
2. What is Peterson's balance of Accounts receivable at February 29, 2012 Does Peterson expect to collect the total amount
Sherman Peterson is an attorney in Los Angeles. Peterson uses the direct write-off method to account for uncollectible receivables.
At January 31, 2012, Peterson's accounts receivable totaled $15,000. During February, he earned revenue of $18,000 on account and collected $19,000 on account. He also wrote off uncollectible receivables of $1,800 on February 29, 2012.
Requirements
1. Use the direct write-off method to journalize Peterson's write-off of the uncollectible receivables.
2. What is Peterson's balance of Accounts receivable at February 29, 2012 Does Peterson expect to collect the total amount
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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