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    Intacc Test 1

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    Gray Javier
    Carla Company prepared an aging of Accounts Receivable and determined the net realizable value was $1,750,000 as of December 31, 2014. The Allowance for Doubtful Accounts was $125,000 on January 1 and $100,000 in accounts were written off as uncollectible during the year, while $15,000 of accounts written off were collected. To calculate doubtful accounts expense, the amounts are squeezed to determine the expense is $60,000.

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    Intacc Test 1

    Uploaded by

    Gray Javier
    127 views1 page
    Carla Company prepared an aging of Accounts Receivable and determined the net realizable value was $1,750,000 as of December 31, 2014. The Allowance for Doubtful Accounts was $125,000 on January 1 and $100,000 in accounts were written off as uncollectible during the year, while $15,000 of accounts written off were collected. To calculate doubtful accounts expense, the amounts are squeezed to determine the expense is $60,000.

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    Carla Company prepared an aging of Accounts Receivable and determined the net realizable value was $1,750,000 as of December 31, 2014. The Allowance for Doubtful Accounts was $125,000 on January 1 and $100,000 in accounts were written off as uncollectible during the year, while $15,000 of accounts written off were collected. To calculate doubtful accounts expense, the amounts are squeezed to determine the expense is $60,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    127 views1 page

    Intacc Test 1

    Uploaded by

    Gray Javier
    Carla Company prepared an aging of Accounts Receivable and determined the net realizable value was $1,750,000 as of December 31, 2014. The Allowance for Doubtful Accounts was $125,000 on January 1 and $100,000 in accounts were written off as uncollectible during the year, while $15,000 of accounts written off were collected. To calculate doubtful accounts expense, the amounts are squeezed to determine the expense is $60,000.

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    INTACC test 1

    MLSU

    Carla Company prepared an aging of Accounts Receivable on year end December 31,2014 and
    determined that the net realizable value of the Accounts Receivable was P1,750,000.
    Allowance for Doubtful Accounts, January 1(credit) 125,000
    Accounts written off as uncollectible 100,000
    Accounts Receivable., December 31 1,850,000
    Collection of accounts written off 15,000
    *No other transactions occurred during the year.
    What amount of doubtful accounts expense should be recorded on December 31,2014?
    a. 30,000
    b. 40,000
    c. 50,000
    d. 60,000
    Solution: Answer (d)
    Allowance, January 1 125,000
    Recovery of accounts written off 15,000
    Doubtful Accounts Expense (SQUEEZE) 60,000
    Total 200,000
    Accounts written off (100,000)
    Allowance, December,31 100,000

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