Macrosoft develops, produces, and markets a wide range of computer software. On its recent financial statements, Macrosoft reported the following information about net sales revenue and accounts receivable (amounts in millions). Current Year Prior Year Accounts receivable, net of allowances of $137 and $131 Net sales revenue $ 12,789 $ 10,538 61,620 53,022 According to its Form 10-K, Macrosoft recorded bad debt expense of $89 and there were no bad debt recoveries during the current year. (Hint. Refer to the summary of the effects of accounting for bad debts on the Accounts Receivable (Gross) and the Allowance for Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.) Required: 1. What amount of bad debts was written off during the current year? 2. Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Macrosoft's sales during the period were on open account. Complete this question by entering your answers in the tabs below. Required 1 Required 21 What amount of bad debts was written off during the current year? (Enter your answers in millions not in dollars.) Allowance for Doubtful Accounts Beg. bal. 0 End. bal. Required t Required 2 > The September 30 bank statement for Bennett Company and the September ledger account for cash are summarized here: Balance, September 11 Deposits recorded during September Checks cleared during September NSF checks-Betty Brown Bank service charges Balance, September 30 BANK STATEMENT Checks Deposits Balance $ 6,550 $26,150 32,700 $26,400 110 6,300 6,190 43 6,147 6,147 Cash (A) Sept. 1 Balance Sept. Deposits 6,550 Sept. Checks written 28,900 29,400 No outstanding checks and no deposits in transit were carried over from August; however, there are deposits in transit and checks outstanding at the end of September, Required: 1. Reconcile the bank account. 2. Prepare the journal entries that should be made as the result of the bank reconciliation. 3. What should the balance in the Cash account be after the reconciliation entries? 4. What total amount of cash should the company report on the September 30 balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Reconcile the bank account. BENNETT COMPANY Bank Reconciliation, September 30 Company's Books Bank Statement