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requirement 1 and 2, please. thank you The Accounts Receivable balance for Gold, Inc. at December 31, 2017, was S27,000. During 2018, Gold earned revenue
requirement 1 and 2, please. thank you
The Accounts Receivable balance for Gold, Inc. at December 31, 2017, was S27,000. During 2018, Gold earned revenue of $458,000 on account and collected $329,000 on account. Gold wrote off $6,300 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements, Requirement 1. Assume Gold had an unadjusted $1,900 credit balance in Allowance for Bad Debts at December 31, 2018. Joumalize Gold's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Credit Debit 1094 Dec 31 Accounts and Explanation Bad Debts Expense Allowance for Bad Debts 1094 record bad debts expense using the percent of receivables method. Recorded bad debts expense for the period. Requirement 2. Assume Gold had an unadjusted $1,800 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Gold's December 31, 2018, adjustment (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec 31 Bad Debts Expense Allowance for Bad Debts Recorded bad debts expense for the period. Requirements 1. Assume Gold had an unadjusted $1,900 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Gold's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. Assume Gold had an unadjusted $1,800 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Gold's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. 2Step by Step Solution
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