Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and...
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Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $5,200. Of the $5,200 of receivables, $1,100 are within a 3% discount period, meaning that it expects buyers to take $33 in future- period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $5 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts. View transaction list Journal entry worksheet 2 Record the adjusting journal entry for future sales discounts. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit View general journal Record entry Clear entry Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $5,200. Of the $5,200 of receivables, $1,100 are within a 3% discount period, meaning that it expects buyers to take $33 in future- period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $5 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts. View transaction list Journal entry worksheet 2 Record the adjusting journal entry for future sales discounts. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit View general journal Record entry Clear entry
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