7.During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system. PurchasesSales July320 units @ $12July 1325 units 1120 units @ $132210 units 2010 units @ $15 Under the FIFO method, the cost of goods sold for each sale is: July 13July 22
8.An aging of a company's accounts receivable indicates that $4,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a
9.In 2011, the Dugan Co. had net credit sales of $375,000.On January 1, 2011, Allowance for Doubtful Accounts had a credit balance of $8,000. During 2011, $15,000 of uncollectible accounts receivable were written off.Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivable basis). If the accounts receivable balance at December 31 was $100,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2011?
