Question
In general, what functions are served by disclosure notes? (Discuss the role of disclosure notes) Question 17 (Marks 15) Smith Ltd. was in the process
In general, what functions are served by disclosure notes? (Discuss the role of disclosure notes)
Question 17 (Marks 15) |
Smith Ltd. was in the process of preparing year-end adjusting entries for the year ended December 31, 2018. Smith Ltd. had the following balance in their books (ledger):
Dr. | Cr. | |
| $91,000 | |
| $4,500 | |
| 3,300 | |
| 12,200 |
Additional Information:
-
- Total Credit Sales during 2018: $66,000
The Company estimated the following for the year-end December 31, 2018 purposes:
| $3,500 |
| 4,100 |
| 4,400 |
|
Required: a) Prepare the year-end entries for the above that are related to accounts receivable b) Calculate the amount that would be displayed on SFP for net accounts receivable
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