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kherson [118]
3 years ago
14

During the year, Bonita Industries made an entry to write off a $33300 uncollectible account. Before this entry was made, the ba

lance in accounts receivable was $397000 and the balance in the allowance account was $33700. The accounts receivable amount expected to be collected after the write-off entry was
Business
1 answer:
kozerog [31]3 years ago
5 0

Answer:

Net Accounts Receivable $363300

When the allowance for uncollectibles is maintained the allowance for uncollectibles method is used in which allowance for uncollectibles is deducted from the accounts receivables.

Explanation:

If the method of allowance for uncollectibles is used the amount of allowance for uncollectibles is deducted from the accounts receivables.

Bonita Industries

Accounts Receivable  $397000

Less Allowance For  Uncollectible $33700

Net Accounts Receivable $363300

IF the direct write off method is used the bad debts are directly deducted from the accounts receivable.

Bonita Industries

Accounts Receivable  $397000

Less Uncollectibles $33300

Net Accounts Receivable $363700

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Giving the following information:

You are thinking of purchasing a home. The house costs $300,000. You have $43,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 6% per year.

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