CALCULATOR PRINTER VERSION BACK NEXT Question 8 At December 31, 2016, Blue Spruce Imports reported this information on its balance sheet. Accounts receivable $627,200 Less: Allowance for doubtful accounts 37,300 During 2017, the company had the following transactions related to receivables 1. Sales on account $2,936,400 2. Sales returns and allowances 80,000 3. Collections of accounts receivable 2,528,500 4. Write-offs of accounts receivable deemed uncollectible 41,620 Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number c.9. -45 or parentheses e.g. (45).) - Liabilities + Stockholders' Equity Allow. For Retained Earnings Cash + Accts. Rec. Doubtful Accts. + Common Stock + Rev. Assets Beg, sal Record transactions through 4. (Omit recording cost of goods sold.) (Enter negative amounts using either a negative sign preceding the numbered -45 or parentheses e.g. (45).) Assets Liabilities + Stockholders' Equity Allow. For Retained Earnings Doubtful Common Cash + Acets. Rec.- Rev. Stock Accts. Exp. Beg. Bal 5 Sales revenue Accounts receivable Record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $82,410. using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Bad debt expense Assets Llabilities Stockholders' Equity Allow. For Retained Cost of goods sold Doubtful Common + Rey Exp. Sales returns Accts. allowances Cash + Accts. Rec. Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2017, balance sheet Record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $82,410. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets - Liabilities - Allow. For Doubtful Accts, Stockholders' Equity Retained Earnings - Exp. Cash + Accts. Rec.. Common Rev. Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2017, balance she Cost of goods sold BLUE SPRUCE IMPORTS Balance Sheet Sales returns & allowances Assets Bad debt expense Accounts receivable Sales revenue Click if you would like to Show Work for this question: Doen Show Work Question Attempts: 0 of 3 used