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Please answer the remaining parts to this question as I've already solved the first few (1-3). Please include a detailed explanation with answers thank you.
Please answer the remaining parts to this question as I've already solved the first few (1-3). Please include a detailed explanation with answers thank you.
Screen Shot 2020-11-21 at 9.37.05... Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Screen Shot 2020-11-21 at 9.37.19 PM Accounts Receivable 3. Show how accounts receivable wil appear on the December 31, 2020, balance sheet. Dec. 31/19 Balance 410,000 Partial Balance Sheet Assets Current Accounts receivable Lesa: Allowance for doublu account Allowance for Doubtful Accounts 19,600 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,800,000, of which 25% were cash sales (cost of sales $1,807,000). b. Sales returns were $116,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $32,000 was recovered. d. Several accounts were written off: $34,000. e. Collections from credit customers totalled $1,760,000 (excluding the recovery in (c) above). 6. Show how accounts receivable will appear on the December 31 2020, balance sheet 4. What will bad debt expense be on the income statement for the year ended December 31, 2020? Bad debt expense Partial Balance Sheet Assets Current Accounts receivable Lesa: Allowance for doubtful account Part Cindependent of Part B) Required: 5. Prepare the December 31 2020, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 3% of outstanding receivables. View transaction at View Journal untry worksheet Ne Date General Journal Deb Credit 7. What will bad debt expense be on the income statement for the year ended December 31, 2020? 1 Dec 31 Baddablexperte Allowance for doudoune Bad debt expenseStep by Step Solution
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