Question: QUESTION 4 Fill in the missing amounts in the table below. Hint: set up t-accounts for Accounts Receivable and the allowance and plug in
QUESTION 4 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 2 500 I Year 3 67,500 56,300 60,700 Bad Debt 4,700 3,300 Expense Write-offs 3,500 4,100 End. Accounts 25,000 32,000 36,000 Receivable End. DA Allowance for 5,000 End. Net 7,000 Accounts 20,000 Receivable 29,400
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