Question: Reporting accounts receivable and recording write-offs using the Allowance method Caree uired Homework M8-3 (Algo) Reporting Accounts Receivable and Recording Write Offs Using the Allowance

Reporting accounts receivable and recording write-offs using the Allowance method

Caree uired Homework M8-3 (Algo) Reporting Accounts Receivable and Recording Write Offs Using the Allowance Method LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $950,000 in Accounts De he and $85 000 if Alemanice thor Doubtful Accounts On January 2, 2021, the company learns that certain customer accounts are not collectible so management authorizes a write-off of these accounts totaling $25,000 Required: a. What amount would the company report as its net accounts receivable on December 31 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021 c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amo the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below

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