At the beginning of the year, accounts receivable were $72,000 and the allowance for bad debts was
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At the beginning of the year, accounts receivable were $72,000 and the allowance for bad debts was $5,750. During the year, sales (all on account) were $300,000, cash collections were $290,000, bad debts expense totaled $7,100, and $6,000 of accounts receivable were written off as bad debts.
Required:
Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts.
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Ending balance 72000 300000 290000 6000 76000 This makes sense because the debit to ...View the full answer
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Related Book For
Accounting What the Numbers Mean
ISBN: 978-1259535314
11th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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