Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all questions!! Required information (The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for

please answer all questions!! image text in transcribed
image text in transcribed
image text in transcribed
Required information (The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,832,780 $3,321,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,006,263 debit $ 21,470 debit 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1a. Current assets: $ 0 AA ezto.mheducation.com Saved Help Submit hapter 70 Save & Exit Required information The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,832,780 $3,321,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,006,263 debit $ 21,470 debit 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c (Do not round intermediate calculations.) Current assets $ 0 Required information [The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,832,780 $3,321,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,006,263 debit $ 21,470 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). (Do not round intermediate calculations.) View transaction list

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Study Guide

Authors: Jerry J. Weygandt ,Donald E. Kieso ,Paul D. Kimmel

4th Edition

0471205117, 978-0471205111

More Books

Students also viewed these Accounting questions