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I'm having problem solving this question. I started it already, can I get help plz with a step by step explanation Presented below is information
I'm having problem solving this question. I started it already, can I get help plz with a step by step explanation
Presented below is information related to the Accounts Receivable accounts of Bonita Inc during the current year 2020. 1. An aging schedule of the accounts receivable as of December 31,2020, is as follows. "The $3.600 write-off of receivables is related to the 91 -to-120 day category "The $3,600 write-off of receivables is related to the 91 -to-120 day category 2. The Accounts Receivable control account has a debit balance of $369,800 on December 31.2020. 3. Two entries were made in the Bad Debt Expense account during the year: (1) a debit on December 31 for the amount credited to Allowance for Doubtful Accounts, and (2) a credit for $3,600 on November 3,2020, and a debit to Allowance for Doubtful Accounts because of a bankruptey. 4. Allowance for Doubtful Accounts is as follows for 2020 . 5. A credit balance exists in Accounts Receivable (6090 days) of $4,500, which represents in advance on a sales contract. Assuming that the books have not been closed for 2020 , make the necessary correcting entries. (Round anawers to 0 deximal plocks es. Assuming that the books have not been closed for 2020 , make the necessary correcting entries. (Round answers to 0 decimal ploces, eg. 5,275. If no entry Is required, select "No Entry" for the occount titles and enter O for the amounts Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) (To reclassify credit balance in accounts recelvable) Dec 31, Allowance for Doubtful Accounts Accounts Receivable (To write off uncollectible accounts) Dec. 31, 2020 Allowance for Doubtful Accounts Bad Debt Expense (To reduce allowance for doubtful account balance) Step by Step Solution
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