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Use the transactions below to prepare an accounting equation for the accounts re
Use the transactions below to prepare an accounting equation for the accounts receivable balance and allowance for uncollectible. Also, explain why companies adopt the adjusted allowance method.
**Note: Remember to use the excel file and watch the video attached in this module to assist you with the assignment.
Following is a list of transactions for October 201X for Company A.
Oct. 1 Beginning Accounts Receivable balance is $49,000
Oct. 4 Collected $4,600 from a cash customer
Oct. 5 Collected $4,600, the amount due
Oct. 6 Provided Services of $5,000 on account
Oct. 7 Customer only partially paid invoice, $2,000
Oct. 12 Collected on the invoice that was previously written off $6,000
Oct. 17 Wrote off the uncollectable amount of $3,000
Oct. 31 Adjusted Allowance account, it is 1% of Accounts Receivable ending balance
Write a summary describing what you did in this assignment.
Record audio and video showing your work (approximately 6-8 minutes).
Assignment Expectations
Length: 6-8 minute video; answers must thoroughly address the two questions in a clear, concise manner
Structure: Include a title page and reference page in APA style. These do not count toward the minimum word amount for this assignment.
References: Use the appropriate APA style in-text citations and references for all resources utilized to answer the questions. Include at least three (3) scholarly citations to support your claims.
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