Use the following information for the next 4 questions Royal Corp. had Accounts

Question

Use the following information for the next 4 questions Royal Corp. had Accounts Receivable of $700,000 and an Allowance for Doubtful Accounts of $50,000 just before writing off an account receivable from Filo Company of $10,000 28. The net realizable value of the accounts receivable before the write-off were 29. Gross Accounts Receivable after the write-off are 30. The balance in the Allowance for Doubtful Accounts afier the write-off is: 31. The net realizable value of the accounts receivable after the write-off are:

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Q28 Accounts receivable         700,000.00 Less Allowance for doubtful accounts         (50,000.00) Net realisable value of AR         650,000.00 Q29 Entry is Dr Cr Allowance for doubtful Account DR            10,000.00 To Accounts receivable            10,000.00 Gross AR after the write off = 700,000 - 10,000         690,000.00 Q30 Balance in Allowance for Doubtful Account = 50,000 - 10,000            40,000.00 Q31 Accounts receivable         690,000.00 Less Allowance for doubtful accounts         (40,000.00) Net realisable value of AR         650,000.00

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