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c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req A Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? Net Accounts Receivable Req B Req C1 Show Transcribed Text Req C2 Req A M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] < Req B On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 in Accounts Receivable and $57,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. Req B Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Req C2 > Complete this question by entering your answers in the tabs below. Req C1 Reg C2 Has net accounts receivable changed from December 31, 2020? Has net accounts receivable changed from December 31, 2020? < ReqC1 Reg C2 >

c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req A Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? Net Accounts Receivable Req B Req C1 Show Transcribed Text Req C2 Req A M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] < Req B On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 in Accounts Receivable and $57,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. Req B Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Req C2 > Complete this question by entering your answers in the tabs below. Req C1 Reg C2 Has net accounts receivable changed from December 31, 2020? Has net accounts receivable changed from December 31, 2020? < ReqC1 Reg C2 >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 In Accounts Receivable and $57,000 In Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req A Req B Net Accounts Receivable Req C1 Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? Show Transcribed Text Req C2 Req A c < Req B Req B M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] Ç On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 in Accounts Receivable and $57,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. Req C1 Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the Journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req C2 > Reg C2 Has net accounts receivable changed from December 31, 2020? Has net accounts receivable changed from December 31, 2020? < Req C1 Req C2 >
Transcribed Image Text:M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 In Accounts Receivable and $57,000 In Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req A Req B Net Accounts Receivable Req C1 Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? Show Transcribed Text Req C2 Req A c < Req B Req B M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] Ç On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 in Accounts Receivable and $57,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. Req C1 Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the Journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req C2 > Reg C2 Has net accounts receivable changed from December 31, 2020? Has net accounts receivable changed from December 31, 2020? < Req C1 Req C2 >
M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 in Accounts Receivable and $57,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req A Req B What amount would the company report as its net accounts receivable on December 31, 2020? Net Accounts Receivable Show Transcribed Text Reg C1 M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 in Accounts Receivable and $57,000 In Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. View transaction list Req C2 Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? <Req A Complete this question by entering your answers in the tabs below. Journal entry worksheet < Req A Req B Reg C1 Prepare the journal entry to write off the accounts on January 2, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Note: Enter debits before credits. Date January 02, 2021 Record entry Req B > Record the $11,000 write-off of certain customer accounts which are not collectible. Req C2 Clear entry General Journal Debit Credit View general journal
Transcribed Image Text:M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 in Accounts Receivable and $57,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Req A Req B What amount would the company report as its net accounts receivable on December 31, 2020? Net Accounts Receivable Show Transcribed Text Reg C1 M8-3 (Algo) Reporting Accounts Receivable and Recording Write-Offs Using the Allowance Method [LO 8-2] On December 31, 2020, Extreme Fitness has adjusted balances of $810,000 in Accounts Receivable and $57,000 In Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $11,000. View transaction list Req C2 Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020? <Req A Complete this question by entering your answers in the tabs below. Journal entry worksheet < Req A Req B Reg C1 Prepare the journal entry to write off the accounts on January 2, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Note: Enter debits before credits. Date January 02, 2021 Record entry Req B > Record the $11,000 write-off of certain customer accounts which are not collectible. Req C2 Clear entry General Journal Debit Credit View general journal
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