Selected Answers to Homework for Chapter 8

Selected Answers to Homework for Chapter 8 -...

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Selected Answers to Homework Assignment  Chapter 8 BRIEF EXERCISE 8-2 (a) Accounts Receivable. ................................................ 19,000 Sales. .................................................................. 19,000 (c) Cash ($16,600 – $332). ............................................... 16,268 Sales Discounts ($16,600 X 2%). .............................. 332 Accounts Receivable ($19,000 – $2,400). ....... 16,600 BRIEF EXERCISE 8-3 (a) Allowance for Doubtful Accounts. ........................... 2,000 Accounts Receivable. ....................................... 2,000 (b) (1) Before Write-Off (2) After Write-Off Accounts receivable $700,000 $698,000 Allowance for doubtful accounts 28,000 26,000 Cash realizable value $672,000 $672,000
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BRIEF EXERCISE 8-4 Accounts Receivable. ....................................................... 2,000 Allowance for Doubtful Accounts. .......................... 2,000 Cash. ................................................................................... 2,000 Accounts Receivable. ............................................... 2,000 BRIEF EXERCISE 8-5 (a) Bad Debts Expense [($400,000 X 2%) – $1,500]. ................................... 6,500 Allowance for Doubtful Accounts. .................. 6,500 BRIEF EXERCISE 8-7 Jan. 10 Accounts Receivable. ....................................... 6,000 Sales. ......................................................... 6,000 Feb. 9 Notes Receivable. .............................................. 6,000 Accounts Receivable. .............................. 6,000
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SOLUTIONS TO EXERCISES EXERCISE 8-1 Jan. 6 Accounts Receivable—Colt Inc. ...................... 8,000 Sales. ........................................................... 8,000
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Selected Answers to Homework for Chapter 8 -...

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