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[The following information applies to the questions
displayed below.]
At December 31, 2018, Hawke Company reports the following results
for its calendar year.
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...
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Required information The following information applies to the questions displayed below.) At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,030,630 3,080,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $933,240 debit 24,950 debit Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 3% of...
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Required information The following information applies to the questions displayed below. At December 31, 2017, Hawke Company reports the following results for its calendar year Cash sales credit sales $1,501, 810 2,943, 000 in addition,its unadjusted trial balnce incues the tollowing tems Accounts receivable Allowance for doubtful accounts $891, 729 debit 15, 790 debit Required 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions a. b. c. Bad debts are...
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Required information [The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,798,320 $3,102,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $939,906 debit $ 24,180 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are...
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Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 4% of credit sales b. Bad debts are estimated to be 3% of total sales c. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible Adjusting entries (all dated December 31, 2015). (Round your final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Transaction...
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Required information The following information applies to the questions displayed below Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 1 to 30 $104,000 31 to 60 61 to 90 Over 90 Accounts receivable $640,000 $32,000 7 $410,000 $50,000 $44,000 12 Percent uncollectible 31 4% 91 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record...
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Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $665,000 tal 0 $415,000 2% Accounts receivable Percent uncollectible 1 to 30 $109,000 3% 31 to 60 $55,000 61 to 90 $37,000 8% Over 90 $49,000 11% 6% ory a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of...
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Required information (The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $640,000 Accounts receivable Percent uncollectible $410,000 3% 1 to 30 $104,000 4% 31 to 60 61 to 90 $50,000 $32,000 Over 90 $44,000 12% 7 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad...
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Required information The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due Total $585,000 $399,000 Accounts receivable Percent uncollectible 1 to 30 31 to 60 61 to 90 Over 90 $93,000 $39,000 $21,000 $33,000 26 54 74 105 1 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of...
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At December 31, 2017, Hawke Company reports the following results for its calendar year. In addition, its unadjusted trial balance includes the following items. Problem 7-2A Part 1 Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. c. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31,...
[The following information applies to the questions
displayed below.]
At December 31, 2018, Hawke Company reports the following results
for its calendar year.
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...
Required information The following information applies to the questions displayed below.) At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,030,630 3,080,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $933,240 debit 24,950 debit Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 3% of...
Required information The following information applies to the questions displayed below. At December 31, 2017, Hawke Company reports the following results for its calendar year Cash sales credit sales $1,501, 810 2,943, 000 in addition,its unadjusted trial balnce incues the tollowing tems Accounts receivable Allowance for doubtful accounts $891, 729 debit 15, 790 debit Required 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions a. b. c. Bad debts are...
Required information [The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,798,320 $3,102,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $939,906 debit $ 24,180 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are...
Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 4% of credit sales b. Bad debts are estimated to be 3% of total sales c. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible Adjusting entries (all dated December 31, 2015). (Round your final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Transaction...
Required information The following information applies to the questions displayed below Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 1 to 30 $104,000 31 to 60 61 to 90 Over 90 Accounts receivable $640,000 $32,000 7 $410,000 $50,000 $44,000 12 Percent uncollectible 31 4% 91 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record...
Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $665,000 tal 0 $415,000 2% Accounts receivable Percent uncollectible 1 to 30 $109,000 3% 31 to 60 $55,000 61 to 90 $37,000 8% Over 90 $49,000 11% 6% ory a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of...
Required information (The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $640,000 Accounts receivable Percent uncollectible $410,000 3% 1 to 30 $104,000 4% 31 to 60 61 to 90 $50,000 $32,000 Over 90 $44,000 12% 7 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad...
Required information The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due Total $585,000 $399,000 Accounts receivable Percent uncollectible 1 to 30 31 to 60 61 to 90 Over 90 $93,000 $39,000 $21,000 $33,000 26 54 74 105 1 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of...