CALCULATOR PRINTER VERSION 4 RACK NEXT Problem 6-6 At December 31, 2016, Marigold Imports reported this information on its balance sheet. Accounts receivable $561,200 Less: Allowance for doubtful accounts 40,560 During 2017, the company had the following transactions related to receivables 1. 2 Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible $2,897,600 64,700 2,533,000 43,430 3 4. Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and expense. Enter the January 1, 2017, balances in Accounts Receivable and Alowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Assets Allow. For - Doubtful Accts. Liabilities + Stockhoklers' Equity Retained Earnings + Common Stock + Rev. Exp. Cash + Accts. Rec. Beg. Bal. $ $ SILOW LIST OF ACCOUNTS LINK TO TEXT Record transactions 1 through 4. (Omit recording cost goods sold.) (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabilities + Allow. For Doubtful Accts. Stockholders' Equity Retained Earnings Exp. Cash + Accts. Rec. + Common Stock + Rev. Beg. Bal. $ $ $ 2 3 4 Cost of goods sold Sales revenue Sales returns & allowances Accounts receivable Bad debt expense SHOW LIST OF ACCOUNTS LINK TO TEXT Record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $91,400. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities + Allow. For - Doubtful Accts. Stockholders' Equity Retained Earnings Exp. Cash + Accts. Rec. + Common Stock + Rev. SHOW UST OF ACCOUNTS LINK TO TEXT Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2017, balance sheet. MARIGOLD IMPORTS Balance Sheet Version 1.74