homework 7

homework 7 - QS 7-3: Percent of accounts receivable method...

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Question 1: Score 1/1 Your response Correct response QS 7-3: Percent of accounts receivable method L.O. P1 Darius Company’s year-end unadjusted trial balance shows accounts receivable of $95,000, allow accounts of $550 (credit), and sales of $350,000. Uncollectibles are estimated to be 1.5% of acco Requirement 1: Prepare the December 31 year-end adjusting entry for uncollectibles. Date General Journal Dec. 31 Bad Debts Expense (20%) Allowance for Doubtful Accounts Requirement 2: What amount would have been used in the year-end adjusting entry if the allowance account had unadjusted debit balance of $150? (Omit the "$" sign in your response.) Amount used in the year-end adjusting entry
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Unformatted text preview: QS 7-3: Percent of accounts receivable method L.O. P1 Darius Companys year-end unadjusted trial balance shows accounts receivable of $95,000, allow accounts of $550 (credit), and sales of $350,000. Uncollectibles are estimated to be 1.5% of acco Requirement 1: Prepare the December 31 year-end adjusting entry for uncollectibles. Date General Journal Dec. 31 Bad Debts Expense Allowance for Doubtful Accounts Requirement 2: What amount would have been used in the year-end adjusting entry if the allowance account had unadjusted debit balance of $150? (Omit the "$" sign in your response.) Amount used in the year-end adjusting entry...
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This note was uploaded on 11/19/2010 for the course BUS 120 taught by Professor Michecle during the Spring '10 term at Grossmont.

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homework 7 - QS 7-3: Percent of accounts receivable method...

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