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This is the whole question so the answers must come from this. Problem 6-6 At December 31, 2016, Bridgeport Imports reported this information on its
This is the whole question so the answers must come from this.
Problem 6-6 At December 31, 2016, Bridgeport Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $642,200 39,090 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 $2,978,400 55,200 2,596,400 42,080 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 amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities + Stockholders' Equity Allow. For Retained Earnings Accts. Rec. - Doubtful Accts. = + Common Stock + Rev. - Exp. Cash + Beg. Bal. Record transactions 1 through 4. (Omit recording cost of 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. = + Common Stock + Stockholders' Equity Retained Earnings Exp. Cash + Accts. Rec. Rev. Beg. Bal. Record bad debt expense for 2017, assuming that aging the accounts receivable indicates that estimated bad debts are $86,280. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities + Allow. For + Accts. Rec. - Doubtful Accts. = + Common Stock + Stockholders' Equity Retained Earnings Rev. - Exp. Cash Indicate how accounts receivable and the allowance for doubtful accounts will be reported on the December 31, 2017, balance sheet. BRIDGEPORT IMPORTS Balance Sheet AssetsStep by Step Solution
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