Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $28,500 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,266 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st? Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $28,500 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,266 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales

Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st?

Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st?

Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? 

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