Accounts Receivable (Gross) | |||
Beg. bal. | 48,103 | ||
Net sales | 304,798 | 290,000 | Collections on Acct. |
6,984 | Write-offs | ||
End. bal. | 55,917 |
Allowance for Doubtful Accounts | |||
Beg. bal. | 8,399 | ||
Write-offs | 6,984 | 4,700 | Bad debt expense |
End. bal. | 6,115 |
DURNEY'S OUTDOOR OUTFITTERS | ||
Income Statement (Partial) | ||
For the Year Ended December 31 | ||
Operating expenses: | ||
Bad debt expense | $ 4,700 | |
DURNEY'S OUTDOOR OUTFITTERS | ||
Balance Sheet (Partial) | ||
As of December 31 | ||
Current assets: | ||
Accounts receivable | $ 55,917 | |
Allowance for doubtful accounts | $ (6,115) | |
Accounts receivable, net of allowance for doubtful accounts | $ 49,802 |
E6-8 (Algo) Reporting Bad Debt Expense and Accounts Receivable LO6-2 At the end of the prior...
Help Save & Exit Submit Check my work E6-8 (Algo) Reporting Bad Debt Expense and Accounts Receivable LO6-2 At the end of the prior year, Durney's Outdoor Outfitters reported the following information. 0:40 Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 48,211 39,767 During the current year, sales on account were $305,923, collections on account were $290,450, write-offs of bad debts were $7,029, and the bad debt...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8, 409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8,409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. $ Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) 48, 151 8.419 $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
Check At the end of the prior year, Durney's Outdoor Outfitters reported the following information Accounts Receivable, Dec. 31, prior year Accounts Receivable (rosa) (A) Allowance for Doubtful Recounts (A) Accounts Receivable (Not) (A) During the current year, sales on account were $305,173, collections on account were $290,150, write-offs of bad debts were $6,999, and the bad debt expense adjustment was $4,715 Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values....
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. During the current year, sales on account were $305,923, collections on account were $290,450, write-offs of bad debts were $7,029, and the bad debt expense adjustment was $4,745. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported...
Check my At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7.004. and the bad debt expense adjustment was $4,720. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet...
Check my work Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) 48,151 8,419 Accounts Receivable (Net) (A) $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720 Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations. 1-b. Complete the amounts...
PLEASE HELP. The system says both are wrong. 1. Don't know why this answer is wrong. 2. Same issue with this question. Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $285,000; (2) up to 120 days past due, $51,000; and (3) more than 120 days past due, $29,000. Experience has shown that for each age...
Help Save & Exit Submit Check my work E6-21 (Algo) Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales Method LO6-2. During the current year, Robby's Camera Shop had sales revenue of $157,000, of which $57,000 was on credit. At the start of the current year, Accounts Receivable showed a $19,000 debit balance and the Allowance for Doubtful Accounts showed a $1,800 credit balance. Collections of accounts receivable during the current year amounted to $60,000....