At December 31, 2021, Ayayai Imports reported this information on its balance sheet. Accounts receivable $639,500 Less: Allowance for doubtful accounts 40,180 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,910,800 2. Sales returns and allowances 55,300 3. Collections of accounts receivable 2,517,800 4. Write-offs of accounts receivable deemed uncollectible 40,050 cord bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $86,850. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or rentheses e.g. (45).) Assets Liabilities + Allow. For Cash Accts. Rec. Doubtful Accts. (c) Common Stock Rev. Stockholders' Equity Retained Earnings Exp.

At December 31, 2021, Ayayai Imports reported this information on its balance sheet. Accounts receivable $639,500 Less: Allowance for doubtful accounts 40,180 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,910,800 2. Sales returns and allowances 55,300 3. Collections of accounts receivable 2,517,800 4. Write-offs of accounts receivable deemed uncollectible 40,050 cord bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $86,850. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or rentheses e.g. (45).) Assets Liabilities + Allow. For Cash Accts. Rec. Doubtful Accts. (c) Common Stock Rev. Stockholders' Equity Retained Earnings Exp.

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...

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