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What are the correct journal entries for this writing off situations, Thanks! Consider the following situations for XYZ Company: a. The Allowance for Uncollectible Accounts
What are the correct journal entries for this writing off situations, Thanks!
Consider the following situations for XYZ Company: a. The Allowance for Uncollectible Accounts has a $ ___ credit balance at the beginning of the month. Net credit sales during the month are $ ___ and ___ % are estimated to be uncollectible. Accounts Receivable has a balance of $ ___ at the beginning of the month. During the month, $ uncollectible accounts are written off. b. The Allowance for Uncollectible Accounts has a $ ___ debit balance at the beginning of the month. Net credit sales during the month are $ ___. Based on an aging schedule of accounts receivable prepared at the end of the month, $ ___ of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $ ___ at the beginning of the month. During the month, $ ___ of uncollectible accounts are written off. c. The Allowance for Uncollectible Accounts has a $ ___ credit balance at the beginning of the month. Net credit sales during the month are $ ___. Based on an aging schedule of accounts receivable prepared at the end of the month, $ ___ of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $ ___at the beginning of the month. During the month, $ ___ of uncollectible accounts are written off. d. The Allowance for Uncollectible Accounts has a $ ___ credit balance at the beginning of the month. Net credit sales during the month are $ ___ and ___ % are estimated to be uncollectible. Accounts Receivable has a balance of $ ___ at the beginning of the month. During the month, $ ___ of uncollectible accounts are written off. 1. Prepare the adjusting journal entries needed to properly record uncollectible accounts expense for these monthsStep by Step Solution
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