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Sandhill Corp uses the percentage-of-receivables basis to record bad debt expense. The company estimates that 3% of accounts receivable will become uncollectible. (a) Prepare the
Sandhill Corp uses the percentage-of-receivables basis to record bad debt expense. The company estimates that 3% of accounts receivable will become uncollectible. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (b) What is the ending (adjusted) balance in Allowance for Doubtful Accounts? Ending (adjusted) balance in Allowance for Doubtful Accounts (c) What is the cash (net) realizable value? Cash (net) realizable value $ eTextbook and Media Assume the following information for Windsor Corp. Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. (a) Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Current Attempt in Progress Marin Company has the following transactions related to notes receivable during 2025. Oct. 1 Exchanged A1 Sport Supply Inc.'s \$12,000 accounts receivable for a 2-year, 7\% note. Dec. 31 Accrued interest revenue on the note receivable. Journalize the transactions for Marin Company (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) On January 6, Sunland Co. sells merchandise on account to Harley Inc. for $8,100, terms 3/10,n/30. On January 16 , Harley pays the amount due. Prepare the entries on Sunland Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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