Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. reuben sells football equipment to major colleges

Reuben sells football equipment to major colleges and universities. Foster Limited maintains their accounting records...

50.1K

Verified Solution

Question

Accounting

Reuben sells football equipment to major colleges and universities. Foster Limited maintains their accounting records on a calendar year. Total sales for 2018 totaled $3,750,000. The beginning balance on January 1, 2018 in the allowance for doubtful accounts was $50,000. During the year 2018 Foster Limited wrote-off $40,000 of accounts receivable as uncollectible. On December 31, 2018, the balance in the accounts receivable account was $575,000. Foster Limited calculates their uncollectible accounts based on aging their accounts receivable (balance sheet approach). On December 31, 2018 Foster Limited estimated their uncollectible accounts to be $35,000. The journal entry on December 31 would include

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

A systematic method of inquiry about the natural world is called O Hypothesis O observation...

Physics
1.2K views

6 How much minimum amount of ice at 0 C is require to condense 100...

Physics
1.2K views

28 A mass M is performing linear simple harmonic motion Then correct graph for acceleration...

Physics
1.2K views

Three large conducting charged sheets are kept parallel to each other as shown in figure...

Geometry
1.2K views

3 Q2 Review AE is a straight angle and the ZCXD 4x mzDXE 2x mzCXB...

Basic Math
1.2K views

Question 3 Find the volume of the cone O 150 8 226 4 9 ft...

Statistics
1.2K views

Based on a poll among adults who regret getting tattoos 19 say that they were...

Statistics
1.2K views

Identify the level of measurement of the data and explain what is wrong with the...

Calculus
1.2K views

What number shoud we write inside if we want to have lim 4x6 x 2x...

Algebra
1.2K views

5 Ali plans to go to college in a year and needs to save for...

Accounting
1.2K views

POIS 24 Moving to another question will save this response. Ele Eles Question 12 g....

Accounting
1.2K views

PLEASE ANSWER D,E,F,G THANK YOU :) Use the following information for Delta Corporation to answer...