Fraud Investigators Incorporated operates a fraud detection service. a. On March 31, 10 customers were billed...
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Fraud Investigators Incorporated operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $24,000. b. On October 31, a customer balance of $1,450 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer paid an old balance of $790, which had been written off in a prior year. d. On December 31, $490 of bad debts were estimated and recorded for the year. 2. Complete the following table, indicating the amount and effect (+ for increase, - for decrease, and NE for no effect) of each transaction. Ignore income taxes. Transaction Net Receivables Net Sales b. C. d. Income From Operations Fraud Investigators Incorporated operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $24,000. b. On October 31, a customer balance of $1,450 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer paid an old balance of $790, which had been written off in a prior year. d. On December 31, $490 of bad debts were estimated and recorded for the year. 2. Complete the following table, indicating the amount and effect (+ for increase, - for decrease, and NE for no effect) of each transaction. Ignore income taxes. Transaction Net Receivables Net Sales b. C. d. Income From Operations
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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