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At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable (Gross) (A) Accounts Receivable, December 31, prior year $ 48,091 8,394 Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 39,697 During the current year, sales on account were $304,673, collections on account were $289,950, write-offs of bad debts were $6,979, and the bad debt expense adjustment was $4,695. 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. × Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Accounts Receivable (Gross) Allowance for Doubtful Accounts Debit Credit Debit Credit Beginning balance Sales on account 48,091 304,673 289,950 x 6,979 Beginning balance Write-offs Write-offs 6,979 8,394 × Write-offs ☑ 0 4,695 Ending balance 55,835 6,110 Ending balance

At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable (Gross) (A) Accounts Receivable, December 31, prior year $ 48,091 8,394 Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 39,697 During the current year, sales on account were $304,673, collections on account were $289,950, write-offs of bad debts were $6,979, and the bad debt expense adjustment was $4,695. 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. × Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Accounts Receivable (Gross) Allowance for Doubtful Accounts Debit Credit Debit Credit Beginning balance Sales on account 48,091 304,673 289,950 x 6,979 Beginning balance Write-offs Write-offs 6,979 8,394 × Write-offs ☑ 0 4,695 Ending balance 55,835 6,110 Ending balance

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 85APSA: Determining Bad Debt Expense Using the Aging Method At the beginning of the year, Tennyson Auto...
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At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable (Gross) (A) Accounts Receivable, December 31, prior year $ 48,091 8,394 Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 39,697 During the current year, sales on account were $304,673, collections on account were $289,950, write-offs of bad debts were $6,979, and the bad debt expense adjustment was $4,695. 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. × Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Accounts Receivable (Gross) Allowance for Doubtful Accounts Debit Credit Debit Credit Beginning balance Sales on account 48,091 304,673 289,950 x 6,979 Beginning balance Write-offs Write-offs 6,979 8,394 × Write-offs ☑ 0 4,695 Ending balance 55,835 6,110 Ending balance
Transcribed Image Text:At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable (Gross) (A) Accounts Receivable, December 31, prior year $ 48,091 8,394 Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 39,697 During the current year, sales on account were $304,673, collections on account were $289,950, write-offs of bad debts were $6,979, and the bad debt expense adjustment was $4,695. 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. × Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Accounts Receivable (Gross) Allowance for Doubtful Accounts Debit Credit Debit Credit Beginning balance Sales on account 48,091 304,673 289,950 x 6,979 Beginning balance Write-offs Write-offs 6,979 8,394 × Write-offs ☑ 0 4,695 Ending balance 55,835 6,110 Ending balance
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