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The ledger of Nash Company at the end of the current year shows Accounts Receivable $111,000, Credit Sales $841,000, and Sales Returns and Allowances
The ledger of Nash Company at the end of the current year shows Accounts Receivable $111,000, Credit Sales $841,000, and Sales Returns and Allowances $21,000. Journalize the following independent situations. (a) Your Answer Correct Answer Your answer is correct. If Nash uses the direct write-off method to account for uncollectible accounts, journalize the entry at December 15, if Nash determines that L. Dole's $1,500 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 15 Bad Debt Expense Accounts Receivable Debit 1500 Credit 1500 31, assuming unconectiDies are expected to De 10% or accounts receivable. (Credit account tities are automatically inaentea when amount is entered. Do not indent manually.) (c) Date Account Titles and Explanation Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts eTextbook and Media List of Accounts Debit 2200 Credit 2200 Attempts: 1 of 1 used If Allowance for Doubtful Accounts has a debit balance of $220 in the trial balance, journalize the adjusting entry at December 31, assuming uncollectibles are expected to be 6% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31 Account Titles and Explanation Debit Credit
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