Burnett Corporation - Allowance for doubtful accounts
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Burnett Corporation had a 1/1/07 balance in the allowance for doubtful accounts of $15,000. During 2007, it wrote off $10,800 of accounts and collected $3150 on accounts previously written off. The balance in accounts receivable was $300,000 at 1/1 and $360,000 at 12/31. At 12/31/07, Burnett estimates that 5% of accounts receivable will prove to be uncollectible. What should Burnett report as its Allowance for Doubtful Accounts at 12/31/07?
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This solution is comprised of a detailed explanation to answer what should Burnett report as its Allowance for Doubtful Accounts at 12/31/07.
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Burnett Corporation had a 1/1/07 balance in the allowance for doubtful accounts of $15,000. During 2007, it wrote off $10,800 of accounts and collected $3150 on accounts previously written off. The balance in accounts receivable was $300,000 at 1/1 and $360,000 ...
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