10 Nov E6-6 Reporting Bad Debt Expense and Accounts Recei
E6-6 Reporting Bad Debt Expense and Accounts Receivable LO6-2At the end of the prior year, Durney’s Outdoor Outfitters reported the following information.Accounts Receivable, Dec. 31 prior yearAccounts Receivable (Gross) (A)$48,067Allowance for Doubtful Accounts (XA) 8,384Accounts Receivable (Net) (A)$39,683During the current year, sales on account were $304,423, collections on account were $289,850, write-offs of bad debts were $6,969, and the bad debt expense adjustment was $4,685.Required:1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations.Accounts Receivable (Gross) Allowance for Doubtful Accounts1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement and balance sheet for the current year.(Amounts to be deducted should be indicated by a minus sign.)Balance Sheet (Partial)As of Dec. 31Current Assets:Accounts ReceivableAllowance for doubtful accountsAccounts receivable, net of allowance for doubtful accounts
Order an Excellent Paper with Bonpapers.com Writing Service
Bonpaper is a Custom Research Paper Writing service based in USA that is Available 24/7 to cater your needs. We have huge experience of writing essays about every possible topic. We have access to the online libraries, peer-journals, and news sites which makes it possible to gather enough data about the topic.
We provide the plagiarism-free and grammatically perfect essay writing service to our clients. We have written hundreds of essays so far and our clients have gained excellent results as well.
Need Assignment Help?