Note: Use negative signs with your answers, when appropriate.
Balance Sheet
Cash
Transaction
Asset
Noncash
Assets
Contra
Assets
Liabilities
1. Sales on account.
0
3,584,000
0
ii. Bad debts expense.
0
0
47,040
iii. Write-off of uncollectible accounts.
0
(43,680)
(43,680)
iv. Reinstated previously written-off account.
0
13,440
13,440
0
0
0
0
0
0
0
Income Statement
Contributed
Earned
Capital
Capital
Revenues
Expenses
0
0
3,584,000
0
(47,040)
0
47,040
Net
Income
3,584,000
(47,040)
0
0
0
0
0
0
0
0
v. Collect reinstated account.
13,440
(13,440)
0
0
0
0
0
0
0
0
vi. Collect cash on sales.
3,245,760
(3,245,760)
0
0
0
0
0
0
0
b. If net accounts receivable increased by $308,000, how much cash was collected from credit customers during the year? Report the transaction in the financial statement effects template. 3,245,760 *
Check