Pate Bros. uses the percent of revenue allowance method to account for uncollectible accounts exp…

 

Pate Bros. uses the percent of revenue allowance method to account for uncollectible accounts expense. Pate experienced the following four events in 2016:
1. Recognized $68,000 of revenue on account. 2. Collected $62,000 cash from accounts receivable. 3. Paid $19,000 of salaries expense for the year. 4. Recognized uncollectible accounts expense for the year. Pate estimates that uncollectible accounts expense will be 2% of its sales. Required: a. Organize the transaction data in accounts under an accounting equation.?b.What is the net realizable value of the accounts receivable at December 31, 2016?
uabilities Stockholders Equity