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sertanlavr [38]
3 years ago
14

On December 31, 2016, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,800. The company e

stimates that $1,700 of the year-end receivables will not be collected. Accounts receivable in the 2016 balance sheet will be valued at:A. $55,500.B. $1,700.C. $52,100.D. $53,800.
Business
1 answer:
mamaluj [8]3 years ago
8 0

Answer:

C. $52,100

Explanation:

Account Receivables On December 31, 2016,

= $53,800

Estimate of receivables that will not be collected is an indication of receivables gone bad.

Such receivables are usually written off the books by Crediting account receivables and debiting bad debit expense.

If it is only probable that the receivables may not be collected, the entries would be credit to allowance for bad debt and a debit to bad debt.

In this instance, the debt will not be collected hence

Debit bad debt expense  $1,700

Credit Trade receivables    $1,700

Being entries to recognize receivables that will not be collected.

Account receivables adjusted balance = $53,800 - $1,700

= $52,100

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