Problem: Module 2Textbook Problem 2 Learning Objective: 2-2Use the percent of revenue method to account...
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Accounting
Problem: Module 2Textbook Problem 2
Learning Objective: 2-2Use the percent of revenue method to account for uncollectible accounts expense
The following account balances come from the records of Ourso Company:
Beginning BalanceEnding BalanceAccounts receivable$3,215$3,418Allowance for doubtful accounts131181
During the accounting period, Ourso recorded $12,750 of sales revenue on account. The company also wrote off a $180 account receivable.
Required
- Determine the amount of cash collected from receivables.
- Determine the amount of uncollectible accounts expense recognized during the period.
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