At the end of 2016, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,140. 1. On January 24, 2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,210. 2. On March 4, 2017, Nash's Trading Post, LLC receives payment of $4,210 in full from Madonna Inc.
Required:
1. Prepare the journal entry to record the write-off.
2. What is the cash realizable value of the accounts receivable before the write-off and after the write-off?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “At the end of 2016, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,140. 1. On ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The following information is available for Tye Company at December 31: Beginning inventory $80,000; Ending inventory $120,000; Cost of goods sold $1,200,000; and Sales Revenue $1,600,000.
Answers (1)
In my last job, I led complex negotiations that dealt with the cost, size, and/or scope of the deal. True or false
Answers (1)
Realizing that providing for a comfortable retirement is up to them, Jim and Julie commit to making regular contributions to their IRAs, beginning this year. Consequently, each makes a $2,000 contribution to his or her traditional IRA.
Answers (1)
On January​ 1, 2018, the Prepaid Insurance account of​ Dogwood, Inc. had a beginning balance of $ 1,800. Three months of insurance premiums remain in this beginning balance.
Answers (1)
How would a sale of $400 of inventory on credit affect the balance sheet if the cost of the inventory sold was $160? A. It would increase noncash assets by $400 and increase equity by $400 B.
Answers (1)
New Questions in Business
Andrew initially worked with a travel website for few months and then became self-employed by starting a martial arts school, where he taught karate to teenagers. After an year, he closed the school and joined an advertising firm.
Answers (1)
Ben learns that the company was going to be laying off several employees over the next several months. He knew that the rumor mill was going to start, and he wanted to head off mis-information and get ahead of the curve.
Answers (1)
A new investment product, housing revenue bonds, requires expertise in back-office processes, accounting policy, legal issues, and, of course, a portfolio manager's judgment on value.
Answers (2)
A potato chip manufacturer currently has a manufacturing line devoted to regular chips as well as individual lines dedicated to each variety, such as barbeque, sour cream and onion, and cheese.
Answers (1)
Which of the following is an example of procedural norms? method of making decisions format of discussion election of leaders all of the above
Answers (1)