Fill in the missing amounts in the table below. Hint: set up t-accounts for Accounts Receivable...
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Fill in the missing amounts in the table below. Hint: set up t-accounts for Accounts Receivable and the allowance and plug in the appropriate balances and changes. For example, Bad debt expense causes the Allowance balance to increase, while Collections from customers cause the Accounts receivable balance to decrease. Year 0 Year 1 Year 2 Year 3 Credit 67,000 67,500 Sales Collections from 56,300 60,700 Customers Bad Debt 4,700 3,300 Expense Write-offs 3,500 4,100 End. Accounts 25,000 32,000 36.000 Receivable End. Allowance 5,000 for DA 7,000 End. Net Accounts 20,000 29,400 Receivable Fill in the missing amounts in the table below. Hint: set up t-accounts for Accounts Receivable and the allowance and plug in the appropriate balances and changes. For example, Bad debt expense causes the Allowance balance to increase, while Collections from customers cause the Accounts receivable balance to decrease. Year 0 Year 1 Year 2 Year 3 Credit 67,000 67,500 Sales Collections from 56,300 60,700 Customers Bad Debt 4,700 3,300 Expense Write-offs 3,500 4,100 End. Accounts 25,000 32,000 36.000 Receivable End. Allowance 5,000 for DA 7,000 End. Net Accounts 20,000 29,400 Receivable
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Answer rating: 100% (QA)
Year 0 Year 1 Year 2 Year 3 Year 0 Credit sales 67000 60300 67500 Collections 60000 56300 60700 Bad ... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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