At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) $ 48,067 Allowance for Doubtful Accounts (XA) 8,384 Accounts Receivable (Net) (A) $ 39,683 During the current year, sales on account were $304,423, collections on account were $289,850, write-offs of bad debts were $6,969, and the bad debt expense adjustment was $4,685. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) $ 48,067 Allowance for Doubtful Accounts (XA) 8,384 Accounts Receivable (Net) (A) $ 39,683 During the current year, sales on account were $304,423, collections on account were $289,850, write-offs of bad debts were $6,969, and the bad debt expense adjustment was $4,685. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
Related questions
Question
At the end of the prior year, Durney's Outdoor Outfitters reported the following information.
Accounts Receivable (Gross) (A) | $ 48,067 |
---|---|
Allowance for Doubtful Accounts (XA) | 8,384 |
Accounts Receivable (Net) (A) | $ 39,683 |
During the current year, sales on account were $304,423, collections on account were $289,850, write-offs of
Required:
1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the
1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year.
1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
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