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Homework answers / question archive / 2) Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2020

2) Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2020

Accounting

2) Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2020. (Amounts to be deducted should be indicated by a minus sign.) Partial Income statement for 2020 Operating expenses: Bad debt expense $ 1,700 Partial Balance sheet for 2020 Current assets: $ 0 Prey 1 of 5 Next > Partial Balance sheet for 2020 Current assets: $ 0 3-a. On the basis of the data available, does the 2 percent rate appear to be reasonable? Yes Ο Νο 3-b. This part of the question is not part of your Connect assignment. Prey 1 of 5 Next > During the year ended December 31, 2020, Kelly's Camera Equipment had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2020, Accounts Receivable showed a $10,000 debit balance, and the Allowance for Doubtful Accounts showed an $800 credit balance. Collections of accounts receivable during 2020 amounted to $68,000. Use the following data for 2020 to answer the questions: a. On December 10, 2020, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off. b. On December 31, 2020, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. Required: 1. Prepare the required journal entries for the two events in December 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet x No Date General Journal Debit Credit 1 Dec. 10, 2020 Allowance for doubtful accounts 1,500 Accounts receivable 1,500 2 Dec. 31, 2020 Bad debt expense 1,700 Allowance for doubtful accounts 1,700

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