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Help!!! Benson Products uses the allowance method in estimating uncollectible accounts On December 31, 2017. the balance in Accounts Receivable was S650.000 An aging analysis
Help!!! Benson Products uses the allowance method in estimating uncollectible accounts On December 31, 2017. the balance in Accounts Receivable was S650.000 An aging analysis of the accounts receivable indicated that $29, 500 in accounts are expected to be uncollectible. Prepare the adjusting entry to record estimated bad debts expense using the percentage of receivables basis under each of the following independent assumptions Allowance for Doubtful Accounts has a credit balance of $3,000 before adjustment. Allowance for Doubtful Accounts has a debit balance of $830 before adjustment Trent Distributors has the following transactions related to notes receivable during the last two months of the year. Journalize the transactions for Trent Distributors Merry Co. sells Christmas angels. Merry determines that at the end of December, they have the following aging schedule of Accounts Receivable: Compute the net receivables based on the above information at the end of December (There was no beginning balance in the Allowance for Doubtful Accounts). Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2, 500. During August, the following transactions occurred Oct 15 Sold $30,000 of accounts receivable to Fast Factors. Inc. who assesses a 3% finance charge. 25 Made sales of $900 on Visa credit cards The credit card service charge is 2%. Journalize the transactions
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