E All of the above e F None of the above QUESTION 21 10 points Save Answer Apol
ID: 342112 • Letter: E
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E All of the above e F None of the above QUESTION 21 10 points Save Answer Apol o Group, Inc. 1st 31 2012 al11 Cash Accounts receivable, less allowance of $128,8% and $192,850 in 2012 and 2011, respectively $ 1,571,661,28,TD 195,630 G03,691 26,860 Other aurent assets Tolal current assels a. Apollo Group, Inc., parent of University of Phoenix, is a for-profit provider of higher education In general, this industry has a high percentage of 1,582 uncollectible accounts from students who can't ultimately pay tuition. If write-offs in 2012 were $245,255, what journal entry did Apollo make in 2012 to record bad debt expense? b. In 2012, Apollo earned tuition revenue of $4.733,000 Assume all of this was on account If write-offs were $245.255, how much cash did Apollo collect in 2012 from students for tuition? Remember to show your work 2015 Tax (1) T TT Arial , 3(12pt) T pdf 2017 Fall MSGC Exa UN 2017051612. e Words 0 Path p pdf ng to Auto En 4 points Save Answer QUESTION 22 The U.S Postal Service (USPS) delivers mail to 153 million addresses in every sfate, city and town in the country In Soptember 2017, a customer $49 cash from USPS The customercan use the Forever stamps at any time to mail purchases a standard roll of 100 Forever stamps for letter regardless of the current postal rate. The postal servic e estimates hat 5% of orever stamps are never used indicate when he anization should record revenue and provide a reason for your answer hel's Bill to be Paid en T TT Anal Click Save and Submit to save and submit. Click Save Al Answers to save all ansuers De9. Save and Submit e here to searchExplanation / Answer
Req a: 2012 2011 Accounts Receivable(Gross) 195630 226860 Less: Accounts rceivable (Net) 128895 192850 Allowance for uncollectible account-Balance 66735 34010 Bad Debts expense: Allowance for Uncollectible accounts Ending balance 66735 Add: Write off 245255 Less: Beginning balance of Allowance for uncollectibles -34010 Bad Debts expense: 277980 Bad debts expense to be recognized in Year2012: $ 277980 Req B: Gross Accounts receivable in the beginning 226860 Add: Gross revenue 4733000 Less: Write off -245255 Less: Ending Balance of Gross Accounts receivable -195630 Cash received during the year 2012 4518975 Cash collected during the year 2012: $ 4518,975
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