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Hi, can you please help me solve these parts step by step with formulas. Thanks, I will give a rating! ***Please solve all parts for
Hi, can you please help me solve these parts step by step with formulas. Thanks, I will give a rating!
***Please solve all parts for credit! Thanks, I appreciate it!
a) 8. Santa Fe Market has a $210,000 balance in Accounts Receivable on December 31, 2020, The Allowance for Doubtful Accounts has a $700 debit balance. Credit sales totaled $650,000 for the year. Adjustments need to be made. a. If Santa Fe Market uses the percent of sales method and estimates that 1.5% of credit sales may be uncollectible, what is the amount for the appropriate adjusting entry as of December 31, 2020? b. Based on the answer to a., what is the ending balance in the Allowance for Doubtful Accounts after adjustments? Now using the original fact, assume Santa Fe Market uses the Aging of Accounts Receivable method and has determined that $11,000 of Accounts Receivable is uncollectible. What is the amount for the appropriate adjusting entry as of December 31, 2020? d. Based on the answer to c., what is the ending balance in the Allowance for Doubtful Accounts after adjustments? C. b) Problem: The Hawthorne Co had a debit balance in Allowance for Doubtful Accounts of $1,200 before adjustment at December 31, 2020. During 2020, credit sales totaled $330,000. A summary of the aging of accounts receivable at December 31, 2020 is as follows: Classification by Month of Sale Nov-Dec 2020 Jul - Oct 2020 Jan - Jun 2020 Prior to Jan 2020 Total Balance for Classification $60,000 $30,000 $10,000 $5,000 $105,000 Estimated % Uncollectible 29 10% 25% 75% . Assuming Hawthorne Co estimates uncollectibles as 2% of credit sales, prepare the adjusting entry at December 31, 2020. Assuming Hawthorne Co estimates uncollectible accounts using the Aging of Accounts Receivable, prepare the adjusting entry at December 31, 2020. On April 1, 2021, Hawthorne Co wrote off the account of Damon Runyon which totaled $3,750. On June 10, 2021, Hawthorne Co received a check from Carl Sandburg for $1,100. His account a had been previously written off in 2020. $ 6 Prepare all necessary journal entriesStep by Step Solution
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