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1 year ago

At the end of the prior year, Durney's Outdoor Outfitters reported the following information.

Business

1 answer:

Vaselesa [24]1 year ago

5 0

Answer:

Please find the detailed answer and explanation below.

Explanation:

Accounts Receivables

Particulars Amount($) Particulars Amount($)

Beginning Bal. 48,271 Collections on accounts 290,700

Sales on account 306,548 Bad debts written off 7,054

Balance c/d 57,065

Total 354,819 354,819

Ending Balance <u>57,065</u>

Allowance for Doubtful accounts

Particulars Amount($) Particular Amount($)

Bad debt written off 7,054 Beginning Balance 8,469

Balance c/d 6,185 Bad debt expense 4,770

Total 13,239 13,239

Ending Balance 6,185

Durney's Outdoor Outfitters

Income Statement (Partial)

For the year ended December 31

Operating Expense:

Bad debt Expense $4,770

Durney's Outdoor Outfitters

Balance Sheet (Partial)

For the year ended December 31

Current asset:

Accounts receivable $57,065

Allowance for Doubtful Accounts ($6,185)

Accounts receivables(Net) <u>$50,880</u>

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