Question: 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
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 Credit Sales Collections from Customers Year 1 67,000 Year 2 Year 3 67,500 56,300 60,700 Bad Debt Expense 4,700 3,300 Write-offs 3,500 4,100 End. Accounts 25,000 32,000 36,000 Receivable End. Allowance 5,000 7,000 for DA End. Net Accounts 20,000 Receivable 29,400
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