Use the following information (image) to answer these questions about Macy Inc. for 2017. 1. Start with Accounts Receivable’s beginning balance ($80,000) and then post to the Accounts Receivable T-account. How much do Macy's customers owe the company at December 31, 2017? 2. Start with the Allowance account’s beginning credit balance ($17,500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at December 31, 2017, does the company expect not to collect? 3. At December 31, 2017, what is the net realizable value of the company’s accounts receivable?
Use the following information (image) to answer these questions about Macy Inc. for 2017.
1. Start with
2. Start with the Allowance account’s beginning credit balance ($17,500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at December 31, 2017, does the company expect not to collect?
3. At December 31, 2017, what is the net realizable value of the company’s accounts receivable?
Please show all steps for each and how you got the answer, I really don't understand, thank you.
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