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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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