Reference no: EM133115132
Question - On December 31, 2020, Extreme Fitness has adjusted balances of $860,000 in Accounts Receivable and $67,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $16,000.
Required -
a. What amount would the company report as its net accounts receivable on December 31, 2020?
b. Prepare the journal entry to write off the accounts on January 2, 2021.
c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021?
c-2. Has net accounts receivable changed from December 31, 2020?
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