On January 1,20XX, Drake Company had a $100,000 balance in Accounts Receivable and a $5,000...
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On January XX Drake Company had a $ balance in Accounts Receivable and a $ balance in the Allowance for Doubtful Accounts. During the year ended December XX Drake Company: sold $ of merchandise on account; collected $ cash from account receivables; wroteoff accounts receivable balances from two customers totaling $ after all collection efforts had been exhausted; and recorded bad debt expense and increased the allowance for doubtful accounts in the amount needed to have a $ balance in the allowance for doubtful accounts as of December XX Drake Company management made the estimate that its allowance for doubtful accounts should be $ as of December XX based on its review of its aged accounts receivable schedule as of December XX The balance in Drake's accounts receivable as of December XX before reduction for the allowance for doubtful accounts; and the amount of Drake's bad debt expense recorded in its income statement for the year ended December XX are: Group of answer choices $ and $ $ and $ $ and $ $ and $
On January XX Drake Company had a $ balance in Accounts Receivable and a $ balance in the Allowance for Doubtful Accounts. During the year ended December XX Drake Company: sold $ of merchandise on account; collected $ cash from account receivables; wroteoff accounts receivable balances from two customers totaling $ after all collection efforts had been exhausted; and recorded bad debt expense and increased the allowance for doubtful accounts in the amount needed to have a $ balance in the allowance for doubtful accounts as of December XX Drake Company management made the estimate that its allowance for doubtful accounts should be $ as of December XX based on its review of its aged accounts receivable schedule as of December XX
The balance in Drake's accounts receivable as of December XX before reduction for the allowance for doubtful accounts; and the amount of Drake's bad debt expense recorded in its income statement for the year ended December XX are:
Group of answer choices
$ and $
$ and $
$ and $
$ and $
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