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On November 30, 2018, Hopkins Agency has accounts receivable of $180,000 and a credit balance...

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Accounting

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On November 30, 2018, Hopkins Agency has accounts receivable of $180,000 and a credit balance of $1,000 in Allowance for Doubtful Accounts. Hopkins uses the percentage of receivables method to determine uncollectible receivables. Management estimates that Question 5 2% of receivables will not be collected. a What is the cash (net) realizable value on November 30, 2018? On December 31, the accounts receivable balance is $200,000 and Allowance for Doubtful Accounts is $1,000. What would the balance in Allowance for Doubtfu Accounts be after the adjustment on December 31, 2018 to record uncollectibles? b For what amount would the adjustment be in part (b)? c. d. What account would be debited to record the adjustment in part (b) above? During January of the follow year, a customer's $2,000 account is written off. What account would be debited to record this transaction? e. f. What is cash (net) realizable value on January 31, 2019? 9. On what financial statement will ach of the following be reported (a) Bad Debt Expense (b) Allowance for Doubtful Accounts

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