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Bouillion Inc. reported net receivables of $2,588 million and $2,782 million at December 31, 2020, and 2019, after subtracting allowances of $63 million and $85
Bouillion Inc. reported net receivables of $2,588 million and $2,782 million at December 31, 2020, and 2019, after subtracting allowances of $63 million and $85 million at these respective dates. Bouillion earned total revenue of $10,947 million (all on account) and recorded bad debt expense of $10 million for the year ended December 31, 2020. Requirements Use this information to measure the following amounts for the year ended December 31, 2020: a. Write-offs of uncollectible receivables b. Collections from customers Requirement a. Let's determine the write-offs of uncollectible receivables by creating the Allowances T-account. (Leave any unused cells blank.) Allowances Beg. Bal. Collections End. Bal. Expense Total revenue Write-offs
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