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Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions: (a) Credit balance of $300 in Allowance
Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions: (a) Credit balance of $300 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $8,500. (b) Credit balance of $300 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 2% of credit sales, which totaled $1,000,000 for the year (e) Debit balance of $500 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $8,500. (d) Debit balance of $500 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 2% of credit sales, which totaled $1,000,000 for the year. JOURNAL (1) PAGE DATE DESCRIPTION POST REF DEBIT CREDIT 2
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