Solved: On June 30 2017 Perfect Party Planners PPP had a

Solved: On June 30 2017 Perfect Party Planners PPP had a

On June 30, 2017, Perfect Party Planners (PPP) had a $40,000 balance in Accounts
Receivable and a $3,000 credit balance in Allowance for Uncollectible Accounts. During July,
PPP made credit sales of $75,000. July collections on account were $
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planners-ppp-had-a
Solved: On June 30 2017 Perfect Party Planners PPP had a
On June 30, 2017, Perfect Party Planners (PPP) had a $40,000 balance in Accounts
Receivable and a $3,000 credit balance in Allowance for Uncollectible Accounts. During July,
PPP made credit sales of $75,000. July collections on account were $60,000, write-offs of
uncollectible receivables totalled $2,200, and an account of $1,000 was recovered. Bad debt
expense is estimated to be $1,500.Requirements1. Journalize sales, collections, write-offs of un-
collectibles, recovery of accounts receivable, and bad debt expense by the allowance method
during July. Explanations are not required.2. Show the ending balances in Accounts
Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at July 31.
How much does PPP expect to collect?3. Show how PPP will report Accounts Receivable on its
July 31 balance sheet. Use the format "Accounts Receivable, net of allowance for uncollectible
accounts of $-" at July 31, 2017. Insert the value you've calculated for the allowance?
Solved: On June 30 2017 Perfect Party Planners PPP had a
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