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 | |||
| Date | Account Titles and Explanation | Debit | Credit |
P2
| General Journal | |||
| Date | Account Titles and Explanation | Debit | Credit |
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
