Chapter 1 Problem 5-6
Requirement 1
1. Accounts receivable 3,600,000
Sales 3,600,000
2. Notes receivable 400,000
Accounts receivable 400,000
3. Doubtful accounts 90,000
Allowance for doubtful accounts 90,000
4. Allowance for doubtful accounts 20,000
Accounts receivable 20,000
5. Sales return 15,000
Accounts receivable 15,000
6. Cash 2,450,000
Accounts receivable 2,450,000
7. Sales discount 45,000
Accounts receivable 45,000
8. Cash 150,000
Notes receivable 150,000
55
Requirement 2
Notes receivable 250,000
Requirement 3
Accounts receivable 670,000
Less: Allowance for doubtful accounts 70,000
Net realizable value 600,000
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