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At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable (Gross) (A) Accounts Receivable, December 31, prior year
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable (Gross) (A) Accounts Receivable, December 31, prior year $ 48,307 8,484 Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 39,823 During the current year, sales on account were $306,923, collections on account were $290,850, write-offs of bad debts were $7,069. and the bad debt expense adjustment was $4,785. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Accounts Receivable (Gross) Debit Credit Beginning balance Ending balance 0 Allowance for Doubtful Accounts Debit Credit Beginning balance 0 Ending balance Req 1A Req 1B Req 1C Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. DURNEY'S OUTDOOR OUTFITTERS Income Statement (Partial) For the Year Ended December 31 Selling, general, and administrative expenses: < Req 1A Req 1C > Req 1A Req 1B Req 1C Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year. (Amounts to be deducted should be indicated by a minus sign.) DURNEY'S OUTDOOR OUTFITTERS Balance Sheet (Partial) As of December 31 Current assets: $ 0 < Req 1B Req 1C >
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