Question
I need help in providing the entries for the below independent transactions. Assume that on December 31, 2018, the end of the companys accounting period,
I need help in providing the entries for the below independent transactions. Assume that on December 31, 2018, the end of the companys accounting period, the company has outstanding Accounts Receivable of P400,000. The company estimates that 5% of these receivables might not be collected.
- Assume that there is no beginning balance for Allowance for Uncollectible Accounts, what is the adjusting entry?
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- Assume that there is P12,000 (credit) balance for Allowance for Uncollectible Accounts, what is the adjusting entry?
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- Assume that there is P12,000 (debit) balance for Allowance for Uncollectible Accounts, what is the adjusting entry?
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CISA Certified Information Systems Auditor Bundle
Authors: Peter H. Gregory
1st Edition
1260459861, 978-1260459869
