Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended February...
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Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended February 28, 2020, and February 22, 2019). ($ millions) 2020 2019 From the income statement: Revenue From the balance sheet: Accounts receivable, net Customer deposits From the disclosure on allowance for doubtful accounts: Balance at beginning of period Additions (reductions) charged to income Adjustments or deductions Balance at end of period Note: Enter answers in $ millions. Accounts receivable Sales revenue To record accounts receivable write offs. $3,723.7 $3,443.2 Debit 372.4 28.6 8.7 7.3 (6.6) 9.4 390.3 20 a. Prepare the journal entry to record accounts receivable written off as uncollectible in 2020. Account Credit 11.1 5.5 (7.9) 8.7 b. Prepare the entry to record the provision for doubtful accounts (bad debts expense) for 2020. Account Debit Credit Accounts receivable Sales revenue To record bad debts expense. 0 0 0 0 c. What effect did these entries have on Steelcase's income for that year? Steelcase's report income by $ 0 million as a result of these entries. Steelcase, Inc., reported the following amounts in its 2020 and 2019 10-K reports (years ended February 28, 2020, and February 22, 2019). ($ millions) 2020 2019 From the income statement: Revenue From the balance sheet: Accounts receivable, net Customer deposits From the disclosure on allowance for doubtful accounts: Balance at beginning of period Additions (reductions) charged to income Adjustments or deductions Balance at end of period Note: Enter answers in $ millions. Accounts receivable Sales revenue To record accounts receivable write offs. $3,723.7 $3,443.2 Debit 372.4 28.6 8.7 7.3 (6.6) 9.4 390.3 20 a. Prepare the journal entry to record accounts receivable written off as uncollectible in 2020. Account Credit 11.1 5.5 (7.9) 8.7 b. Prepare the entry to record the provision for doubtful accounts (bad debts expense) for 2020. Account Debit Credit Accounts receivable Sales revenue To record bad debts expense. 0 0 0 0 c. What effect did these entries have on Steelcase's income for that year? Steelcase's report income by $ 0 million as a result of these entries.
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a The journal entry to record accounts receivable written off as uncollectible in 2020 would be Ac... View the full answer
Related Book For
Auditing The Art And Science Of Assurance Engagements
ISBN: 9780136692089
15th Canadian Edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan, Joanne C. Jones
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