Question

Daniel Company had the following information in

2014

2014.

Accounts receivable 12/31/14

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,000

Allowance for uncollectible account 12/31/14 (before adjustment)

. . . . . . .

750

Credit sales during 2014

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41,000

Cash sales during 2014

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,000

Collections from customers on account during 2014

. . . . . . . . . . . . . . . . . .

46,000

If uncollectible accounts are determined by the aging-of-receivables method to be $ 1 comma 260

$1,260, the uncollectible-account expense for 2014

2014 would be $ 510

$510. The balance of the Allowance account after the adjusting entry would be $ 1 comma 260

$1,260. The net realizable value of accounts receivable on the December 31, 2014

2014 balance sheet would be