Homework Answers
| a. | |
| Amount of adjusting entry = Sales * 1% * 1/2 = 10990000 * 1% * 1/2 | 54950 |
| b. | |
| Amount of adjusting entry = Estimated doubtful accounts - Credit balance of allowance account before adjustment = 41900 - 13100 | 28800 |
| c. | |
| Amount of adjusting entry = Sales * 1% * 3/4 = 10990000 * 1% * 3/4 | 82425 |
| d. | |
| Amount of adjusting entry = Estimated doubtful accounts + Debit balance of allowance account before adjustment = 56400 + 6800 | 63200 |
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eBook Show Me How Calculator Print Item Providing for Doubtful Accounts At the end of the...
eBook Show Me How Calculator Print Item Providing for Doubtful Accounts At the end of the...
eBook Show Me How Calculator Print Item Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $903,000 and sales for the year total $10,240,000. a. The allowance account before adjustment has a credit balance of $12,200. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a credit balance of $12,200. An aging of the accounts in the customer ledger indicates...
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providing for doubtful accounts
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Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000 a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at 1 of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000 c. The...
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eBook Show Me How Calculator Print Item Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $903,000 and sales for the year total $10,240,000. a. The allowance account before adjustment has a credit balance of $12,200. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a credit balance of $12,200. An aging of the accounts in the customer ledger indicates...
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box around answers
eBook Snow Me How Calculator Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at % of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer...
providing for doubtful accounts
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Print tem Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $784,000 and sales for the year total $8,890,000. a. The allowance account before adjustment has a debit balance of $10,600. Bad debt expense is estimated at 1/4 of 1% of sales. b. The allowance account before adjustment has a debit balance of $10,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $33,900....
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000 a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at 1 of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000 c. The...
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