CALCULATOR PRINTER VERSION BACK NEXT Problem 6-6 At December 31, 2016, Marigold Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $561,200 40,560 During 2017, the company had the following transactions related to receivables. 1. 2. 3. 4. 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 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 Allowance for Doubtful Accounts. (Enter negative andunts using either a negative in preceding the number eg -45 or parenthesese..(45).) Liabilities + Assets Allow. For Accts. Rec. - Doubtful Accts.- Stockholders' Equity Retained Earnings Common Stock + Rev. + Beg. Bal. Record transactions through 4. (Omit recording cost of goods sold.) (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Assets Liabilities + Allow. For Doubtful Stockholders' Equity Retained Earnings Cash + Accts. Rec. - Common Stock Rev. - Exp. CALCULATOR PRINTER VERSION BACK NEXT Record transactions 1 through 4. (Omit recording cost of goods sold.) (Enter negative amounts using either a negative sign preceding the number o.g.-45 or parentheses .g. (45).) Assets Liabilities Stockholders' Equity Allow. For Retained Earnings Cash Common + Accts. Rec. . Doubtful + Rev. Exp. Accts. Stock Beg 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 in preceding the numbered -15 or parenthe (15)) Assets Liabilities Allow. For Doubtful Accts. - Stockholders' Equity Retained Earnings Exp. Cash + Accts. Rec. Common Stock Rev. (c) Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2017, balance sheet. MARIGOLD IMPORTS Balance Sheet Assets 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 eg.-45 or parentheses e.g. (45).) Assets Liabilities + Stockholders' Equity Allow. For Retained Earnings Cash + Accts. Rec. - Doubtful Accts. = + Common Stock + Rev. Exp. Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2017, balance sheet MARIGOLD IMPORTS Balance Sheet Click if you would like to Show Work for this question: Open Show Work