es E6-8 (Algo) Reporting Bad Debt Expense and Accounts Receivable LO6-2 At the end of the...
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es E6-8 (Algo) Reporting Bad Debt Expense and Accounts Receivable LO6-2 At the end of the prior year, Durney's Outdoor Outfitters reported the following Information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) $ 48,211 8,444 Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 39,767 During the current year, sales on account were $305,923, collections on account were $290,450, write-offs of bad debts were $7,029, and the bad debt expense adjustment was $4,745. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the Income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Accounts Receivable (Gross) Debit Credit Beginning balance Ending balance Allowance for Doubtful Accounts Debit Credit Beginning balance Ending balance Reg A Req 1B > es E6-8 (Algo) Reporting Bad Debt Expense and Accounts Receivable LO6-2 At the end of the prior year, Durney's Outdoor Outfitters reported the following Information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) $ 48,211 8,444 Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 39,767 During the current year, sales on account were $305,923, collections on account were $290,450, write-offs of bad debts were $7,029, and the bad debt expense adjustment was $4,745. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the Income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Accounts Receivable (Gross) Debit Credit Beginning balance Ending balance Allowance for Doubtful Accounts Debit Credit Beginning balance Ending balance Reg A Req 1B >
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Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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