Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help asap !!!! Dn December 31,2020 , Extreme Fitness has adjusted balances of $820,000 in Accounts Receivable and $59,000 in Allowance for Poubtfut Accounts On

help asap !!!! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Dn December 31,2020 , Extreme Fitness has adjusted balances of $820,000 in Accounts Receivable and $59,000 in Allowance for Poubtfut Accounts On January 2, 2021, the company feams that certain customer accounts are not collectible, so management uthorizes a write-off of these accounts totaling $12,000. Required: What amount would the company report as its net accounts receivable on December 31, 2020? Prepare the journal entry to write off the accounts on January 2,2021. -1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts recelvable on January 3, 2021? c-2. Has net accounts recelvable changed from December 31,2020 ? Complete this question by entering your answers in the tabs below. What amount would the company report as its net accounts recelvable on December 31,2020 ? Has net accounts receivable changed from December 31,2020 ? Hin net accounts roceiveble chunged fum Deceintier 31, 20207 Journal entry worksheet Record the $12,000 write-off of certain customer accounts which are not collectible. Note: Enter debits before credits: Complete this question by entering your answers in the tabs below. Assuming no other transactions occurred between December 31,2020 , and January 3, 2021, what amount would the company report as its net accounts recelvabie on January 3,2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Design Implementation And Audit Of Occupational Health And Safety Management Systems

Authors: Ron C. McKinnon

1st Edition

1032571039, 978-1032571034

More Books

Students also viewed these Accounting questions

Question

Define capital structure.

Answered: 1 week ago

Question

List out some inventory management techniques.

Answered: 1 week ago