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The Boxwood Company sells blankets for $40.00 each. The following was taken from the inventory records during May. The compan
1.279 Derek Company gathered the following reconciling information in preparing its September bank reconciliation: Cash balan
Allowance for Doubtful Accounts has a credit balance of $1,096 at the end of the year (before adjustment), and an analysis of
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Answer #1

1.
Cost of Goods Sold = 3 x $16 + 5 x $18 = $138
Sales = 8 x $40 = $320
Gross Profit = $320 - $138 = $182

Answer is a. $182

2.

Balance as per books $    2,903.00
Add : Note receivable and interest collected $        722.00
Less : Bank Charges $        -27.00
Less : NSF Check $      -133.00
Adjusted Balance as per books $    3,465.00

Answer is a. $3465

3. Bad debt expense = $13663 - $1096 = $12567

Answer is c. Debit Bad debt expense $12567, credit allowance for doubtful accounts $12567

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