Q4. During the 2019, a company made a credit sale for OMR 305,000. At 31 December 2019 allowance for doubtful account has no balance. Company prepared the following aging schedule for its accounts...

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Q4. During the 2019, a company made a credit sale for OMR 305,000. At 31 December 2019 allowance for doubtful account<br>has no balance. Company prepared the following aging schedule for its accounts receivable;<br>Aging class<br>Receivable Balance (OMR)<br>Estimate % of uncollectible<br>0-60 days<br>220,000<br>5<br>61–90 days<br>50,000<br>10<br>91–120 days<br>25,000<br>25<br>Over 120 days<br>10,000<br>45<br>Estimate the amount allowance using Accounts Receivable Aging Method and write necessary entries.<br>Show how accounts receivable would be reported in balance sheet on 31 December 2019<br>

Extracted text: Q4. During the 2019, a company made a credit sale for OMR 305,000. At 31 December 2019 allowance for doubtful account has no balance. Company prepared the following aging schedule for its accounts receivable; Aging class Receivable Balance (OMR) Estimate % of uncollectible 0-60 days 220,000 5 61–90 days 50,000 10 91–120 days 25,000 25 Over 120 days 10,000 45 Estimate the amount allowance using Accounts Receivable Aging Method and write necessary entries. Show how accounts receivable would be reported in balance sheet on 31 December 2019

Jun 10, 2022

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Q4. During the 2019, a company made a credit sale for OMR 305,000. At 31 December 2019 allowance for doubtful account has no balance. Company prepared the following aging schedule for its accounts...

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