ACCOUNTS RECEIVABLE T-ACCOUNT CASH T-ACCOUNT ALLOWANCE FOR UNCOLLECTABLE ACCOUNT
ID: 2581397 • Letter: A
Question
ACCOUNTS RECEIVABLE T-ACCOUNT
CASH T-ACCOUNT
ALLOWANCE FOR UNCOLLECTABLE ACCOUNTS T-ACCOUNT
Sparkle Spa Corporation Transactions for 2015 and 2016 May 12, 2015 Provide service to customers on account $80,000 August 19, 2015 Recieve cash from customers on account $65,000 December 31, 2015 Estimated A/R that will not be received 20% April 4, 2016 Provide service to customers on account $73,000 June 22, 2016 Recieve cash from customers for services $8,000 July 2, 2016 Finds out a customer who owed $2,000 now cannot pay his Account Recievable. So Sparkle Spa will write off this account $2,000 October 19, 2016 Recieve cash from customers for services $42,000 December31,2016 Estimated A/R that will not be received 20%Explanation / Answer
Accounts Receivable Account
May. 12, 2015
80000
65000
Aug. 19, 2015
Balance
15000
8000
June 22, 2016
April. 4, 2016
73000
2000
July 22, 2016
42000
Oct. 19, 2016
Balance
36000
Allowance for Uncollectible accounts
3000
Dec. 31, 2015
July 22, 2016
2000
3000
Balance
6200
Dec. 31, 2016
7200
Balance
Cash Account
Aug. 19, 2015
65000
June 22, 2016
8000
Oct. 19, 2016
42000
Accounts Receivable Account
May. 12, 2015
80000
65000
Aug. 19, 2015
Balance
15000
8000
June 22, 2016
April. 4, 2016
73000
2000
July 22, 2016
42000
Oct. 19, 2016
Balance
36000
Allowance for Uncollectible accounts
3000
Dec. 31, 2015
July 22, 2016
2000
3000
Balance
6200
Dec. 31, 2016
7200
Balance
Cash Account
Aug. 19, 2015
65000
June 22, 2016
8000
Oct. 19, 2016
42000
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