Microsoft develops, produces, and markets a wide range of computer software, including the windows operating system. on its recent financial statements, microsoft reported the following information about net sales revenue and accounts receivable (amounts in millions). current year prior year accounts receivable, net of allowances of $405 and $426 $ 19,792 $ 18,277 net sales revenue 89,950 85,320 according to its form 10-k, microsoft recorded bad debt expense of $85 and there were no bad debt recoveries during the current year. (hint: refer to the summary of the effects of accounting for bad debts on the accounts receivable (gross) and the allowance for doubtful accounts t-accounts. use the t-accounts to solve for the missing values.) required: what amount of bad debts was written off during the current year

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse. b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this. c. explain the difference between sale of receivables with recourse as oppose to without recourse.