Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 6 Quick Sweep Ltd. manufactures industrial sweepers for cleaning malls and other commercial space. All sales are on account, with terms n/45. During the
Question 6 Quick Sweep Ltd. manufactures industrial sweepers for cleaning malls and other commercial space. All sales are on account, with terms n/45. During the year ending October 31, 2020, Quick Sweep recorded sales of $9,297,000. The company's bookkeeper prepared the following aging schedule as at October 31: Estimated Percentage Uncollectible 2% 6% 15% 3096 Receivable Amount Number of Days $731,000 685,000 195,000 110,000 Outstanding Less than 45 45 to 90 90 to 120 More than 120 The Allowance for Doubtful Accounts had a credit balance of $38,700 before the year-end adjustment was ade (a) Prepare the adjusting entry to bring Allowance for Doubtful Accounts to the desired level. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and cnter 0 for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started