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At the end of the prior year Durney’s Outdoor Outfitters reported the following information Accounts Receivable Dec 31 prior year Accounts Receivable

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

Accounts Receivable, Dec. 31 prior year

Accounts Receivable (Gross)(A)…………………… $48,067

Allowance for Doubtful Accounts (XA)……………. 8,384

Accounts Receivable (Net)(A)……………………… $39,683

During the current year, sales on account were $304,423, collections on account were $289,850, write¬offs of bad debts were $6,969, and the bad debt expense adjustment was $4,685.

Required:

Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the income statement and balance sheet for the current year.

Apr 03 2020 View more View Less

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