Homework Answers
Solution
| Kew Company's cash receipts from sales in 2017 | $ 3,115,000.00 |
Working
| Cash sales | $ 200,000.00 |
| Cash received from receivables | $ 2,915,000.00 |
| Kew Company's cash receipts from sales in 2017 | $ 3,115,000.00 |
| Beginning accounts receivable balance | $ 400,000.00 |
| Total credit sales | $ 3,000,000.00 |
| Total accounts receivable | $ 3,400,000.00 |
| Less: Ending accounts receivable balance | $ 485,000.00 |
| Cash received from receivables | $ 2,915,000.00 |
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31, 2017, before adjusting entries, the balances in selected
accounts were Accounts Receivable $212,500 debit, and Allowance for
Doubtful Accounts $1,828 debit. Assume that 11% of accounts
receivable will prove to be uncollectible. Prepare the entry to
record bad debt expense. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically...
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