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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) $
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) | $ | 48,079 |
Allowance for Doubtful Accounts (XA) | 8,389 | |
Accounts Receivable (Net) (A) | $ | 39,690 |
During the current year, sales on account were $304,548, collections on account were $289,900, write-offs of bad debts were $6,974, and the bad debt expense adjustment was $4,690.
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 Accounts Beg bal Beg. bal End bal End bal 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. (An to be deducted should be indicated by a minus sign.) DURNEY'S OUTDOOR OUTFITTERS Income Statement (Partial) For the Year Ended December 31 Operating expenses: DURNEY'S OUTDOOR OUTFITTERS Balance Sheet (Partial) As of December 31 Current assets: Accounts receivable, net of allowance for doubtful accounts $ 0Step by Step Solution
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