Question: At December 31 2016 the Accounts Receivable balance of TM

At December 31, 2016, the Accounts Receivable balance of TM Manufacturer is $230,000. The Allowance for Bad Debts account has a $24,000 debit balance. TM Manufacturer prepares the following aging schedule for its accounts receivable:
Requirements
1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2016.
2. Show how TM Manufacturer will report its net accounts receivable on its December 31, 2016, balance sheet.

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  • CreatedJune 15, 2015
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