Business, 05.05.2020 22:10 dbanks701

TravelToday, Inc., disclosed the following rounded amounts (in thousands) concerning the Allowance for Doubtful Accounts on its Form 10-K annual report.

Allowance for Doubtful Accounts
(dollars in thousands)
Beginning Increases for Decreases for Ending
Year Balance Bad Debt Expense Write-Offs Balance
2016 $ 9,300 $ 4,150 $ ? $ 1,350
2015 8,300 4,750 3,750 9,300
2014 12,800 1,050 5,550 8,300
Required:

1-a. Prepare a T-account for the Allowance for Doubtful Accounts and enter into it the 2014 amounts from the above schedule. The balance at the beginning of each year in the Allowance for Doubtful Accounts is a credit balance.

1-b. Write the T-account in equation format to prove the above items account for the changes in the account.

2. Record summary journal entries for 2015 related to (a) estimating Bad Debt Expense and (b) writing off specific customer account balances.

3. Supply the missing information for 2016.

4. If TravelToday had written off an additional $33 of Accounts Receivable during 2016, by how much would Net Receivables have decreased? How much would Net Income have decreased?

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TravelToday, Inc., disclosed the following rounded amounts (in thousands) concerning the Allowance f...

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