Question
The cash account shows a balance of $40800 before reconciliation. The bank statement does not include a deposit of $8600 made on the last day
The cash account shows a balance of $40800 before reconciliation. The bank statement does not include a deposit of $8600 made on the last day of the month. The bank statement shows a collection by the bank of $3970 and a customers check for $1310 was returned because it was NSF. A customers check for $1330 was recorded on the books as $1960, and a check written for $317 was recorded as $388. The correct balance in the cash account was $42901. $44019. $51501. $42759.
Sheffield Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $601000 and credit sales are $2750000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Sheffield Company make to record bad debt expense if the Allowance for Doubtful Accounts has a $5200 credit balance before adjustment?
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Question 28 The cash account shows a balance of $40800 before reconciliation. The bank statement does not include a deposit of $8600 made on the last day of the month. The bank statement shows a collection by the bank of $3970 and a customer's check for $1310 was returned because it was NSF. A customer's check for $1330 was recorded on the books as $1960, and a check written for $317 was recorded as $388. The correct balance in the cash account was $42901. $44019. 551501. $42759. Question 31 Sheffield Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $601000 and credit sales are $2750000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Sheffield Company make to record bad debt expense if the Allowance for Doubtful Accounts has a $5200 credit balance before adjustment? 24850 24850 30050 30050 Bad Debt Expense Accounts Receivable Bad Debt Expense Allowance for Doubtful Accounts Bad Debt Expense Allowance for Doubtful Accounts Bad Debt Expense Accounts Receivable 24850 24850 30050 30050
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