Question
On December 31 st , 2020, Adidas had the following balances before adjustments: Debit Credit Accounts Receivable 532,000 Allowance for Doubtful Accounts 3,365 Credit Sales
On December 31st, 2020, Adidas had the following balances before adjustments:
| Debit | Credit |
Accounts Receivable | 532,000 |
|
Allowance for Doubtful Accounts |
| 3,365 |
Credit Sales |
| 1,765,000 |
To do...
1. Assume that uncollectible accounts are estimated to be 5% of accounts receivables. Prepare the necessary adjusting entry with December 31, 2020 as the entry date. Journal entry narrative is not required.
Assume that uncollectible accounts are estimated to be 2% of credit sales. Prepare the necessary adjusting entry with December 31, 2020 as the entry date.
P1
| General Journal |
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Date | Account Titles and Explanation | Debit | Credit |
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P2
| General Journal |
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Date | Account Titles and Explanation | Debit | Credit |
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