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please help me solve this problem Thx a lot em S5 Accounts receivable transactions and bad debt adjustments L01, 2, 3 CK FIGURES 2 Bad
please help me solve this problem Thx a lot
em S5 Accounts receivable transactions and bad debt adjustments L01, 2, 3 CK FIGURES 2 Bad Debt Expense = $20.450.5. Bad Debt Expense = 57.200 Supplies showed the following selected adjusted balances at its December 31, 2019. year endi Accounts Receivable 490.000 Allowance for Doubtful Accounts 16,400 Dec 31/19 Balance During 2020, the following selected transactions occurred: Sales totalled S2.800,000, of which 25 were cash sales (cost of sales $1.800.000). Sales returns were 5108.000, half regarding credit sales. The returned merchandise was scrapped. An account for $24,000 was recovered. 4. Several accounts were written off: 526,000 Collections from credit customers totalled S1.790,000 (excluding the recovery in (e) above) Part A Required 1 Journalize transactions (a) through (e). You may find it useful to post your entries to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts. Part 3 Required 2. Prepare the December 31, 2020, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 1 of net credit sales. 2. Show how accounts receivable will appear on the December 31, 2020. halance sheet 4. What will be deht expense be on the income statement for the year ended December 31 20 Part C (independent of Part B) entry to estimate bad debis assuming that uncollectible Required 5. Prepare the December 31, 2020, adjusting entry to estimate bad debts as accounts are estimated to be of outstanding receivables 6. Show how accounts receivable will appear on the December 31, 2021 h December 31, 2020, balance sheet. see on the income statement 2. What will bad debt expens e ended December 21 20Step by Step Solution
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