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Calculate the carrying amount of the accounts receivable both before and after recording the cash receipt from Wight on June 6, 2024. Carrying amount before recovery Carrying amount after recovery $ $

Calculate the carrying amount of the accounts receivable both before and after recording the cash receipt from Wight on June 6, 2024. Carrying amount before recovery Carrying amount after recovery $ $

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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Accounts receivable transactions are provided below for J Pharoah Co. Dec. 31, 2023 Mar. 5, 2024 June 6, 2024 The company estimated that 4% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $657,000 and $2,800 (debit), respectively. The company determined that R. Mirza's $3,500 account and D. Wight's $6,500 account were uncollectible. The company's accounts receivable were $688,600 before the accounts were written off. Wight paid the amount that had been written off on March 5. The company's accounts receivable were $647,000 prior to recording the cash receipt for Wight.
Transcribed Image Text:Accounts receivable transactions are provided below for J Pharoah Co. Dec. 31, 2023 Mar. 5, 2024 June 6, 2024 The company estimated that 4% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $657,000 and $2,800 (debit), respectively. The company determined that R. Mirza's $3,500 account and D. Wight's $6,500 account were uncollectible. The company's accounts receivable were $688,600 before the accounts were written off. Wight paid the amount that had been written off on March 5. The company's accounts receivable were $647,000 prior to recording the cash receipt for Wight.
Calculate the carrying amount of the accounts receivable both before and after recording the cash receipt from Wight on June 6, 2024. Carrying amount before recovery Carrying amount after recovery $ $
Transcribed Image Text:Calculate the carrying amount of the accounts receivable both before and after recording the cash receipt from Wight on June 6, 2024. Carrying amount before recovery Carrying amount after recovery $ $
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