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BONUS 3 Spring 2008

BONUS 3 Spring 2008 - Ac131 SPRING 2008 BONUS PROBLEM#3...

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Ac131 SPRING 2008 BONUS PROBLEM #3 Maximum 3 points Please answer the questions below. In preparing your memo, follow these directions: Bonus Problem due in-class only. See your class schedule for date due (papers will not be accepted after class) DUE IN-CLASS ONLY (see course outline for date) Answer must be typed Address your Memo as follows : TO: Your Professor (Name) FROM: Your Name_____ Your ID#______ Signature____________ To make your answer easy to grade, please number your responses according to the numbers in the problem. All we need are the answers (no supporting work needs to be submitted) Sign your name to state that you did your own work. ************************************************************************** Use the following data for the next four questions: On December 31, 2008, the unadjusted trial balance of Pete Inc., included the following accounts: Debit Credit Sales (90% represent credit sales) ..................... $900,00 0 Accounts Receivable ......................................... $300,00 0 Allowance for Doubtful Accounts ..................... 300 1. Assume Pete estimates bad debts expense as 1% of credit sales. Prepare the adjusting entry for bad debts on December 31, 2008.
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