Given a comprehensive set of financial data related to fundamental accounting principles, complete the accounting cycle activities. The problem below was extracted from a previous class exam. Please practice completing some accounting cycle activities by working it and posting your answer to this discussion thread. Please note that many number problems you will encounter are based on a single formula: BEG Balance + Additions – Subtractions=END Balance.Then the test designer will give out 2 of the 4 amounts and find a sneaky way to kind of hide the 3rd. amount. So all you really have to do is figure out the sneaky hidden amount and then plug 3 numbers into the formula. Try out the problem below. :)On December 31, 2005, Dynamic Recording, Inc. had balances in its Accounts receivable and Allowance for uncollectible accounts of $52,400 and $990, respectively. During 2006, Dynamic wrote off $800 in Accounts receivable and determined that there should be an Allowance for uncollectible accounts of $1,000 at December 31, 2006. Bad debt expense for 2006 would be: a. 810.00 d. 1,020.00
AnswerCalculation of bad debts expense for 2006particularsEnding balance of Allowance for uncollectible on31stDec.2006Add wrote off from Accounts receivableLess Beginning Balance of Allowance…
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