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If possible, could you explain how you got the problem solved on the slots that I got incorrect pease. At December 31, Hawke Company reports
If possible, could you explain how you got the problem solved on the slots that I got incorrect pease.
At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 220,000 $ 550,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 495,000 debit $ 4,000 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. C. An aging analysis estimates that % of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). Answer is complete and correct. No Date Debit Credit A December 31 General Journal Bad debts expense Allowance for doubtful accounts 22,000 22,000 B December 31 23,100 Bad debts expense Allowance for doubtful accounts 23,100 December 31 23,800 Bad debts expense Allowance for doubtful accounts 23,800 Required information (The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 220,000 $ 550,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 495,000 debit $ 4,000 debit 2. Bad debts are estimated to be 4% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Answer is complete but not entirely correct. Current assets: Accounts receivable Less: Allowance for doubtful accounts $ 495,000 23,800 $ 471,200 Required information [The following information applies to the questions displayed below. At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 220,000 $ 550,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 495,000 debit $ 4,000 debit 3. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Answer is complete but not entirely correct. Current assets: Accounts receivable Less: Allowance for doubtful accounts 495,000 4,000 $ 491,000
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