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 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Solution all parts please
Do not give solution in image format
![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 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed4d9e12-99f1-466b-ba8a-e2fc2cdd22ec%2F73780480-a169-49a8-8963-4e31d742fa48%2Fp34vegb_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed4d9e12-99f1-466b-ba8a-e2fc2cdd22ec%2F73780480-a169-49a8-8963-4e31d742fa48%2Fdrs6gn_processed.jpeg&w=3840&q=75)
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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