M8-3 Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. a. What amount would the company report as its net accounts receivable on December 31, 2017? b. Prepare the journal entry to write off the accounts on January 2, 2018. c. Assuming no other transactions occurred between December 31, 2017, and January 3, 2018, what amount would the company report as its net accounts receivable on January 3, 2018? Has net accounts receivable changed from December 31, 2017? Complete this question by entering your answers in the tabs below. Req A ReqB Req c1 Req C2 Assuming no other transactions occurred between December 31, 2017, and January 3, 2018, what amount would the company report as its net accounts receivable on January 3, 2018? Net Accounts Receivable M8-3 Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. a. What amount would the company report as its net accounts receivable on December 31, 2017? b. Prepare the journal entry to write off the accounts on January 2, 2018. c. Assuming no other transactions occurred between December 31, 2017, and January 3, 2018, what amount would the company report as its net accounts receivable on January 3, 2018? Has net accounts receivable changed from December 31, 2017 Complete this question by entering your answers in the tabs below. Req A Reg B Reg C1 Req c2 Has net accounts receivable changed from December 31, 2017? Has net accounts receivable changed from December 31, 2017? M8-3 Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. a. What amount would the company report as its net accounts receivable on December 31, 2017? b. Prepare the journal entry to write off the accounts on January 2, 2018. c. Assuming no other transactions occurred between December 31, 2017, and January 3, 2018, what amount would the company report as its net accounts receivable on January 3, 2018? Has net accounts receivable changed from December 31, 2017 Complete this question by entering your answers in the tabs below. Req A Req B Req C1 Reg C2 Prepare the journal entry to write off the accounts on January 2, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet