On December 31, 2025, Ling Industries estimated that 2% of its net accounts receivable of 450,000 will
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On December 31, 2025, Ling Industries estimated that 2% of its net accounts receivable of ¥450,000 will become uncollectible (amounts in thousands). The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2025. On May 11, 2026, Ling determined that the Jeff Shoemaker account was uncollectible and wrote off ¥1,100. On June 12, 2026, Shoemaker paid the amount previously written off.
Instructions Prepare the journal entries on December 31, 2025, May 11, 2026, and June 12, 2026.
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Related Book For
Financial Accounting With International Financial Reporting Standards
ISBN: 9781119787051
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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