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this is a four part question Required information [The following information applies to the questions displayed below) At December 31, Hawke Company reports the following

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Required information [The following information applies to the questions displayed below) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,584,030 $3,424,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,037,472 debit $ 27,390 debit 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c. (Do not round intermediate calculations.) Current assets Required information {The following information applies to the questions displayed below) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,584,030 $3,424,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,037,472 debit $ 27,390 debit 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1a Current assets Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. c. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). (Do not round intermediate calculations.) View transaction list Journal entry worksheet Bad debts are estimated to be 4% of credit sales. Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $500 of merchandise on credit (that had cost $200) to Natara Morris, terns n/15. 5 Sold 57,900 of merchandise (that had cost $3,160) to customers who used their Zisa cards. Zisa charges a 6.0% fee. 6 Sold 55,868 of merchandise (that had cost $2,347) to customers who used their Access cards. Access charges a 5.0% fee. 8 Sold 54,380 of merchandise (that had cost $1,752) to customers who used their Access cards. Access charges a 5.0% fee. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $437 balance in McKee's account was from a credit sole last year. 18 Received Morris's check in full paynent for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 10 > Sold $500 of merchandise on credit to Natara Morris, terms /15

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