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Chapter 7 Problems
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[The following information applies to the questions
displayed below.]
At December 31, Hawke Company reports the following results for its
calendar year.
Cash sales | $ | 1,412,210 | |
Credit sales | $ | 3,177,000 | |
In addition, its unadjusted trial balance includes the following
items.
Accounts receivable | $ | 962,631 | debit |
Allowance for doubtful accounts | $ | 22,440 | debit |
Required:
1. Prepare the adjusting entry to record bad debts
under each separate assumption.
--Requirement 1
Transaction | Accounts title | Debit | Credit |
[a] | Bad Debt Expense ($3177000 credit sale x 3%) | $95,310 | |
Allowance for doubtful accounts | $95,310 | ||
(to record bad debt expense) | |||
[b] | Bad Debt Expense ([$3177000 credit sale + $ 1412210 cash sale] x 2%) | $91,784 | |
Allowance for doubtful accounts | $91,784 | ||
(to record bad debt expense) | |||
[c] | Bad Debt Expense [($962631 x 6%) + $22440 debit balance existing] | $80,198 | |
Allowance for doubtful accounts | $80,198 | ||
(to record bad debt expense) |
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Skip to main content Chapter 7 Problems AnswerSaved Help opens in a new windowSave & ExitSubmit Item2 Part 1 of 3 2.5points ItemSkipped eBook Print Check my workCheck My Work button is now enabled5 Item 2 Item 2 Part 1 of 3 2.5 points Item Skipped 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 $ 1,412,210 Credit sales $ 3,177,000 In addition,...
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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 $1,349.940 3,126.000 In addition, Its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $947,178 debit 15,930 debl Required: 1. Prepare the adjusting entry for this company to recogn 2e bad debts under cach of the following independent assumptions. a. Bad debts are estimated to be 4%...
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...
[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...
Quiz 9-4 At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales 904,ee8 304,eee Credit sales Its year-end unadjusted trlal balance Includes the following Items. Accounts receivable $129.000 debit Allowance for doubtful accounts 5,408 debit Prepare the adjusting entry to record bad debts expense assuming uncallectibles are estimated to be (a) 3% of credit sales, (b) 1% of total sales and (C) 6% of year-end accounts recelvable. View transaction list Journal entry worksheet 1...
The (a. b. c.) are the questions for all three parts of this first journal entry worksheet i just couldn't picture the other two due to the three picture limit. Thank you :) ! Required information Problem 7-2A Estimating and reporting bad debts LO P2, P3 (The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its cal Cash sales Credit sales $1,673, 120 $3,076,000 In addition, its unadjusted trial balance...