As the owner of an art gallery with a keen eye for upcoming talent, you find a painting that you feel is sure to net a large profit from a relatively unknown artist. You contact the artist and negotiate to privately purchase the piece for $5,000, which you believe will be worth at least $25,000 in the next five years. A contract is signed to purchase the painting which is to be delivered to your gallery. Excited about the sale and with some extra time on his hands, the artist decides to do a search on you. Realizing that you are the successful owner of an art gallery, the artists feels that perhaps he sold the painting for too low of a price and returns the $5,000 check to you instead of delivering the painting. How should you proceed

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?