Current Year PriorYear Accounts receivable, net of allowances of $411 and $380 $ 29,224 $ 26,381 Net sales revenue 66,169 64,597 According to its Form 10-K, Macrosoft recorded bad debt expense of $122 and there were no bad debt recoveries during the current year. Required: Using the following T-account for Allowance for Doubtful Accounts, what amount of bad debts was written off during the current year? Using the following T-account for Accounts Receivable (Gross), solve for cash collected from customers for the current year, assuming that all of Macrosoft’s sales during the period were on open account.
Current Year PriorYear Accounts receivable, net of allowances of $411 and $380 $ 29,224 $ 26,381 Net sales revenue 66,169 64,597 According to its Form 10-K, Macrosoft recorded bad debt expense of $122 and there were no bad debt recoveries during the current year. Required: Using the following T-account for Allowance for Doubtful Accounts, what amount of bad debts was written off during the current year? Using the following T-account for Accounts Receivable (Gross), solve for cash collected from customers for the current year, assuming that all of Macrosoft’s sales during the period were on open account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| Current Year | Prior Year |
|
|---|---|---|
| $ 29,224 | $ 26,381 | |
| Net sales revenue | 66,169 | 64,597 |
According to its Form 10-K, Macrosoft recorded bad debt expense of $122 and there were no bad debt recoveries during the current year.
Required:
- Using the following T-account for Allowance for Doubtful Accounts, what amount of
bad debts was written off during the current year? - Using the following T-account for Accounts Receivable (Gross), solve for cash collected from customers for the current year, assuming that all of Macrosoft’s sales during the period were on open account.
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