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please help with these two problems Chapter 8 Proctice Problems #2 Problem #1 - Percent of sales method At the end of the current year,
please help with these two problems Chapter 8 Proctice Problems \#2 Problem \#1 - Percent of sales method At the end of the current year, Accounts Receivable has a balance of $750,000 : Allowance for Doubtful Accounts has a debit balance of $26,950; and Net Soles for the year total $1,280,000. Bad Debt Expense is estimated at 3/4 of 4% of Net Sales. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: 3) Calculate the Net Accounts Receivable Balance Problem \#2 - Percentage of sales method At the end of the current year. Accounts Receivable has a balance of $2,980,000; Allowance for Doubtful Accounts has a credit balance of $10,095 : and Net Soles for the year total $9,466,000. Bad Debt Expense is estimated at 1/5 of 3.75% of Net Sales (round decimal for estimate to four places 0.1234 ). 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: 3) Calculate the Net Accounts Receivable Balance
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