Solved: Amount of uncollectible accounts expense, Accounting Basics

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Amount of uncollectible accounts expense

Question: In the first year of operations, 2008, RRS recognized 220,000 of service revenue on account. The ending accounts receivable balance was 45,000. RRS estimates that 3% of sales on account will not be collected. Assume there were no other transactions affecting accounts receivable.

A.) What amount of cash was collected in 2008?

B.) What amount of uncollectible accounts expense was recognized in 2008?

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Accounting Basics: Amount of uncollectible accounts expense

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