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Unformatted text preview: 2. Determine the effect on ABs accounting equation relative to the write-offs of accounts receivable during 2004. ASSETS = LIABILITIES + OWNERS EQUITY 3. What is the net realizable value of ABs accounts receivable on December 31, 2004, after recording the above two entries. Gross Allowance Accounts Receivable for DoubtfulAccounts Dr Cr Dr Cr Beginning Balance $ 110,000 $2,500 Sales on Account Collections (1) Debt Expense Entry (2) Debt Write Off Entry Ending Balance $ Net Realizable Value= Accounts Receivable-Allowance for DA...
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This note was uploaded on 06/15/2011 for the course ACCT 23020 taught by Professor Dorff,p during the Spring '08 term at Kent State.
- Spring '08
- Financial Accounting