Home / Questions / At the end of the prior year Durney’s Outdoor Outfitters reported the following informatio...
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.
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.
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