Question

Using the Balance Sheet Equation, account for the following transactions: Part A) (6 pts) A) X...

Using the Balance Sheet Equation, account for the following transactions:

Part A) (6 pts)

A) X Corp sells $400,000 worth of services on account to various customers

B) X Corp collects $250,000 from customers on account

C) X Corp writes-off Customer D because they are unable to collect the accounts receivable; Customer D owes $2,000 (X Corp uses the Direct Write-Off Method)


Part B) (4 pts)

  1. State at least 2 reasons FOR and 2 reasons AGAINST selling on account

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