O O eztomheducation.com/hm.tpx? 0.6817582219964121 1529960377550 velue 12.50 poi

Question

O O eztomheducation.com/hm.tpx? 0.6817582219964121 1529960377550 velue 12.50 points On December 31, 2014. Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2015, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. a. What amount would the company report as its net accounts receivable on December 31, 20147 Net Accounts Receivable b. Prepare the journal entry to write off the accounts on January 2, 2015. (f no entry is required for a transactionievent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the $10,000 write-off of certain customer accounts which are not collectible O Type here to search

Explanation / Answer

Req a: Accounts receivable (Gross) 800,000 Less: Allowance for doubtful accounts 55000 Net Accounts receivable 745000 Req b: Journal entry: Jan 2 2015 Allowance for douubtful accounts Account Dr. 10000        Accounts receivable Account 10000 Req c: Accounts receivable (Gross) 790000 (800000-10000) Less: Allowance for doubtful accounts 45000 (55000-10000) Net Accounts receivable 745000

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.