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Suppose Hearts, Inc., reported net receivables of $2.850 million and $2.628 million at January 31, 2007 and 2000, after subtracting allowances of $74 million
Suppose Hearts, Inc., reported net receivables of $2.850 million and $2.628 million at January 31, 2007 and 2000, after subtracting allowances of $74 million and $69 million at these respective dates. Hearts samed total revenue of $54,333 million (all on account) and recorded doubtful-account expense of $18 million for the year ended January 31, 20X7 Requirement 1. Use this information to measure the following amounts for the year ended January 31, 2007 Write-offs of uncollectible receivables Collections from customers Requirement ta. Use this information to measure the write-offs of uncollectible receivable amounts to the year ended January 31, 2007 Post the known transactions to the Allowance for Uncolectible Accounts to solve for the wofs amount (Enter amounts in mons of dolars as provided to you in the problem statement Leave used blank) Allowance for Uncollectible Accounts Requirement 1b. Use this information to measure the colections from customers for the year ended January 31, 20 Post the known transactions to the Accounts Receivable to solve for the collections from customars amount. Er amounts in millions of dolla provided to In the problem statement Leave unused cells blank) Accounts Receivable
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