Due: Friday, March 11, 2022 Question 3 (7 marks) On January 1, 2021, Benoit, Brown...
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Accounting
Due: Friday, March 11, 2022 Question 3 (7 marks) On January 1, 2021, Benoit, Brown & Hill, a legal firm started the year with an accounts receivable balance of $80,000 and an allowance for doubtful accounts of $16,000. The company has a December 31, 2021, year end. During the year, the company had the following transactions 1. Credit sales of $800,000 2. Collections on account of $650,000 3. Write off- uncollectible accounts of $9,000 The allowance for doubtful accounts is estimated to be $20,000 by the end of the year. Required 1. Calculate the ending balances of Accounts Receivable and Allowance for undoubtful accounts 2. Report the net realizable value of Accounts receivable for the end of the year
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