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On January 1st, Carpool Inc.'s net accounts receivable balance was $220,000. The allowance for doubtful...

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Accounting

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On January 1st, Carpool Inc.'s net accounts receivable balance was $220,000. The allowance for doubtful accounts was $5,900. Carpool uses the aging method to estimate bad debt. On January 31st, Carpool wrote off a $2,000 receivable from a customer that just filed bankruptcy. At the end of January, Carpool aged their receivables and the results are below. Carpool had $150,000 of credit sales (all sales are on credit) during the period. 1 - 30 days 31-60 days 61-90 days > 90 days Accounts Receivable $200,000 % uncollectible estimate $125,000 1.0% $50,000 2.0% $15,000 5.0% $10,000 20.0% Required Using the aging method Book a journal entry to write-off the customer's receivables. Book a journal entry to record bad debt expense for the month of January. What is the net realizable value of A/R at the end of January? How much cash was collected from customers during January

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