Chapter 8 Solutions - PRACTICE EXERCISES PE 81A Sept. 19...

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PRACTICE EXERCISES PE 8–1A Sept. 19 Cash. ..................................................................... 100 Bad Debt Expense. .............................................. 500 Accounts Receivable—Pat Roark. ............... 600 Dec. 20 Accounts Receivable—Pat Roark. .................... 500 Bad Debt Expense. ........................................ 500 20 Cash. ..................................................................... 500 Accounts Receivable—Pat Roark. ............... 500 PE 8–1B Feb. 25 Cash. ..................................................................... 500 Bad Debt Expense. .............................................. 4,000 Accounts Receivable—Jason Wilcox. ......... 4,500 May 9 Accounts Receivable—Jason Wilcox. .............. 4,000 Bad Debt Expense. ........................................ 4,000 9 Cash. ..................................................................... 4,000 Accounts Receivable—Jason Wilcox. ......... 4,000 PE 8–2A Sept. 19 Cash. ..................................................................... 100 Allowance for Doubtful Accounts. .................... 500 Accounts Receivable—Pat Roark. ............... 600 Dec. 20 Accounts Receivable—Pat Roark. .................... 500 Allowance for Doubtful Accounts. ............... 500 20 Cash. ..................................................................... 500 Accounts Receivable—Pat Roark. ............... 500
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PE 8–2B Feb. 25 Cash. ..................................................................... 500 Allowance for Doubtful Accounts. .................... 4,000 Accounts Receivable—Jason Wilcox. ......... 4,500 May 9 Accounts Receivable—Jason Wilcox. .............. 4,000 Allowance for Doubtful Accounts. ............... 4,000 9 Cash. ..................................................................... 4,000 Accounts Receivable—Jason Wilcox. ......... 4,000 PE 8–3A 1. $23,750 ($9,500,000 × 0.0025) Adjusted Balance 2. Accounts Receivable. ..................................................... $1,400,000 Allowance for Doubtful Accounts ($23,750 – $2,250) 21,500 Bad Debt Expense. .......................................................... 23,750 3. Net realizable value ($1,400,000 – $21,500). ........................ $1,378,500 PE 8–3B 1. $20,500 ($4,100,000 × 0.005) Adjusted Balance 2. Accounts Receivable. ..................................................... $750,000 Allowance for Doubtful Accounts ($11,250 + $20,500) 31,750 Bad Debt Expense. .......................................................... 20,500 3. Net realizable value ($750,000 – $31,750). ........................... $718,250
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PE 8–4A 1. $26,250 ($24,000 + $2,250) Adjusted Balance 2. Accounts Receivable. ..................................................... $1,400,000 Allowance for Doubtful Accounts. ................................. 24,000
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This note was uploaded on 05/17/2011 for the course ACCT 2301 taught by Professor White during the Spring '08 term at Central Texas College.

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Chapter 8 Solutions - PRACTICE EXERCISES PE 81A Sept. 19...

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