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At the end of the prior year, Dumey's Outdoor Outitters reported the following information. Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) Accounts Receivable
At the end of the prior year, Dumey's Outdoor Outitters reported the following information. Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) 3 48,283 8,474 3 3,809 During the current year, sales on account were $306,673, collections on account were $290,750, write-offs of bad debts were $7,059, and the bad debt expense adjustment was $4,775 Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations Beg. ba Beg. ba. End. ba. End. ba 1-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.) Income Statement (Partial) For the Year Endled December 31 Operating expenses Balance Sheet (Partial) As of December 31 Current assets Accounts receivable, net of allowance for doubtful accounts
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