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Freeman Good Foods was formed in 2 0 1 5 with the merger of Rogala Foods Incorporated and ADF Manufacturing. The company reported the following
Freeman Good Foods was formed in with the merger of Rogala Foods Incorporated and ADF Manufacturing. The company reported the following rounded amounts for the year ended December all amounts in millions:
tableDebits,CreditsAccounts Receivable,$Allowance for Doubtful Accounts,,Sales assume all on credit
Required:
Assume Freeman Good Foods uses of percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet.
Assume instead Freeman Good Foods uses the aging of accounts receivable method and estimates that $ of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December for recording Bad Debt Expense.
Assume instead Freeman Good Foods's uses the aging of accounts receivable method and estimates that $ of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December for recording Bad Debt Expense assuming Freeman Good Foods's unadjusted balance in Allowance for Doubtful Accounts at December was a debit balance of $
If one of Freeman Good Foods's customers declared bankruptcy, what journal entry would be used to write off its $ balance?
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