At the end of 2016, Skysong, Inc. has accounts receivable of $768,300 and an allowance...
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Accounting
At the end of 2016, Skysong, Inc. has accounts receivable of $768,300 and an allowance for doubtful accounts of $26,300. On January 24, 2017, it is learned that the companys receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,480.
Use a tabular summary to record the write-off. Enter 2016 amounts as beginning balances. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Assets
=
Liabilities
+
Stockholders' Equity
Allow. For
Retained Earnings
Accts. Rec.
-
Doubtful Accts
=
+
Common Stock
+
Rev.
-
Exp.
Beg. Bal.
$
$
$
$
$
Jan. 24
Adj. Bal.
What is the cash realizable value of the accounts receivable before the write-off and after the write-off?
Before Write-Off
After Write-Off
Cash realizable value
$
$
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