Purchase Solution

Balance in accounts receivable

Not what you're looking for?

Ask Custom Question

Gaskin Industries began 2008 with a debit balance in accounts receivable of $16,000. During 2008 Gaskin incurred expenses of $62,000. Also, in 2008, Gaskin sold $115,000 worth of merchandise to customers of which $112,000 was collected by year end.

What is the balance in accounts receivable in 12/31/08?

Purchase this Solution
Solution Summary

The solution explains how to calculate the balance in accounts receivable within the context of auditing.

Purchase this Solution
Free BrainMass Quizzes
Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.

Learning Lean

This quiz will help you understand the basic concepts of Lean.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Accounting: Statement of Cash flows

This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

View More Free Quizzes
Related BrainMass Solutions

  • Working with Receivables

    September 30th we will debit balance in Accounts Receivable for $28,000. It is assumed from the information given that the ending balance in Accounts Receivable in September 30th is $28,000.

  • Tiny Company: Compute the balance of accounts receivable

    198203 Tiny Company: Compute the balance of accounts receivable The following information from Tiny Company's first year of operations is to be used in testing the accuracy of Accounts Receivable. The December 31, 2008, balance is $28,300.

  • Allowance for Doubtful Accounts

    The balance in accounts receivable is 185,600-1,500 = $184,100 The balance in the allowance account is 16,000-1,500 = 14,500 The balance sheet presentation is Accounts Receivables, gross 184,100 Less: Allowance for doubtful accounts (14,500) Accounts

  • Accounting problems for Bogus Company

    In Bogus Company's balance sheet, the Accounts Receivable would appear as follows: - Accounts Receivable 293,200 Less: Allowance for Doubtful Accounts 3,900 Net Accounts Receivable 289,300 Note: Please note that the balance of the

  • Calculate Uncollectible Accounts Expense and Allowance

    An aging of accounts receivable results in an estimate of $9,000 of uncollectible accounts receivable.

  • ABC company estimate sales method accounting

    to answer what is the balance in the Uncollectible Accounts Expense and write the journal entry to record the transaction.

  • Accounts Receivable for after write-off entries

    278095 Accounts Receivable for after write-off entries During the year,johns company made an entry to write off a $4000 uncollectible account. before this entry was made, the balance in accounts receivable was $50,000 and the balance in the allowance

  • Elburn Company

    b) If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable.

  • The ledger of Elburn Company

    (c) If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 0.75% of net sales and (2) 6% of accounts receivable.

  • Accounts Receivables

    Compute the ending balance of accounts receivable on 12/31/10. b. Compute the accounts receivable turnover ratio for 2010. c. Computer the average collection period in days. a.

View More Related Solutions