Chp 6 problems Sheet1

2 discuss the advantage of the allowance method when

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Unformatted text preview: 00 of merchandise, claiming that it did not meet contract terms. Record the necessary journal entries for Sudweeks Company on June 24, June 30, and July 20. E 6 ­28 Accoun+ng for Bad Debts The following data was associated with the accounts receivable and uncollec+ble accounts for Jula Jay, Inc. during 2012. a. The opening credit balance in Allowance for Bad Debts was $600,000 at Jan 1, 2012. b. During 2012, the company realized that specific accounts receivable totaling $630,000 had gone bad and had been wri_en off. c. An account receivable of $35,000 was collected during 2012. this account had previously been wri_en off as a bad debt in 2011. d. The company decided that Allowance for Bad Debts would be $650,000 at the end of 2012. 1. Prepare the journal entries to show how these events would be recognized in the accoun+ng system using the a...
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This note was uploaded on 01/29/2014 for the course ACC 221 taught by Professor Julieancius during the Spring '12 term at Wisc La Crosse.

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