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 Bad Debt Expense 24850 Accounts Receivable 24850 Bad Debt Expense 30050 Allowance for Doubtful Accounts 30050 Bad Debt Expense 24850 Allowance for Doubtful Accounts 24850 Bad Debt Expense 30050 Accounts Receivable 30050 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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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.

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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?

Bad Debt Expense	24850
Accounts Receivable		24850

Bad Debt Expense	30050
Allowance for Doubtful Accounts		30050

Bad Debt Expense	24850
Allowance for Doubtful Accounts		24850

Bad Debt Expense	30050
Accounts Receivable		30050

image text in transcribed

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