At the beginning of the year, accounts recelvable were $146,000 and the allowance for bad debts was $11,700. During the year, sales (all on account) were $602,000, cash collections were $582,000, bad debts expense totaled $14,800, and $12,200 of accounts recelvable were written off as bad debts. Required: Calculate the balances at the end of the year for the Accounts Recelvable and Allowance for Bad Debts accounts. (Hint. Use T- accounts to analyze each of these accounts, plug In the amounts that you know, and solve for the ending balances.) Ending balance Accounts receivable Allowance for bad debts
At the beginning of the year, accounts recelvable were $146,000 and the allowance for bad debts was $11,700. During the year, sales (all on account) were $602,000, cash collections were $582,000, bad debts expense totaled $14,800, and $12,200 of accounts recelvable were written off as bad debts. Required: Calculate the balances at the end of the year for the Accounts Recelvable and Allowance for Bad Debts accounts. (Hint. Use T- accounts to analyze each of these accounts, plug In the amounts that you know, and solve for the ending balances.) Ending balance Accounts receivable Allowance for bad debts
Chapter6: Business Expenses
Section: Chapter Questions
Problem 44P
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