In 2017, Colbert had the following activity in selected accounts. Allowance for Accounts Receivable Doubtful Accounts 1/1/17 Bad debt expense 1/1/17 20,000 100,000 1,200 1,840 Revenues 1,000 Write-offs Write-offs 1,000 90,000 Collections 12/31/17 29,000 2,040 12/31/17
In 2017, Colbert had the following activity in selected accounts. Allowance for Accounts Receivable Doubtful Accounts 1/1/17 Bad debt expense 1/1/17 20,000 100,000 1,200 1,840 Revenues 1,000 Write-offs Write-offs 1,000 90,000 Collections 12/31/17 29,000 2,040 12/31/17
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Colbert Corporation had the following 2017 income statement.
Revenues | $100,000 |
Expenses | 60,000 |
$ 40,000 |
In 2017, Colbert had the following activity in selected accounts.
Check the below image for selected account's activity.
Prepare Colbert’s

Transcribed Image Text:In 2017, Colbert had the following activity in selected accounts.
Allowance for
Accounts Receivable
Doubtful Accounts
1/1/17
Bad debt expense
1/1/17
20,000
100,000
1,200
1,840
Revenues
1,000
Write-offs
Write-offs
1,000
90,000
Collections
12/31/17
29,000
2,040
12/31/17
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