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Hi teachers! Please help me with this questions Thanks! Clinton Company showed the following information at May 31, 2019 Debit credit $20540 Account Sales Account
Hi teachers! Please help me with this questions Thanks!
Clinton Company showed the following information at May 31, 2019 Debit credit $20540 Account Sales Account Receivable Allowance for doubtful A/C $ 8000 $260 Required: 1. Using the % of sales approach and assuming 3% of sales to estimate ADA J. Calculate the estimated bad debt K. Prepare the journal and T-accounts to adjust the ADA L. Show the net realizable value of the A/C Receivable on a balance sheet extract. 2. Using the % of Account Receivable and assuming 10% M. Calculate the estimated bad debt N. Prepare the T-accounts and journal to adjust the ADA 0. Show the net realizable value of the A/C Receivable on a balance sheet extract Step by Step Solution
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