Your answer is partially correct. Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2022, balance sheet. Current Assets Accounts Receivable Less Allowance for Doubtful Accounts AYAYAI IMPORTS Balance Sheet December 31, 2022 Assets SA 639,500 -86,720 LA $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

don't give answer in image format 

At December 31, 2021, Ayayai Imports reported this information on its balance sheet.
Accounts receivable
Less: Allowance for doubtful accounts
During 2022, the company had the following transactions related to receivables.
1.
2.
3.
4.
$639,500
40,180
Sales on account
Sales returns and allowances
Collections of accounts receivable
Write-offs of accounts receivable deemed uncollectible
$2,910,800
55,300
2,517,800
40,050
Transcribed Image Text:At December 31, 2021, Ayayai Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. $639,500 40,180 Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible $2,910,800 55,300 2,517,800 40,050
(d)
Your answer is partially correct.
Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2022, balance
sheet.
Current Assets
Accounts Receivable
Less
Allowance for Doubtful Accounts
AYAYAI IMPORTS
Balance Sheet
December 31, 2022
Assets
$
639,500
-86,720
$
Transcribed Image Text:(d) Your answer is partially correct. Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2022, balance sheet. Current Assets Accounts Receivable Less Allowance for Doubtful Accounts AYAYAI IMPORTS Balance Sheet December 31, 2022 Assets $ 639,500 -86,720 $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education