Question 13 selected answer answers response feedback

Question 13
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Using the aging-of-receivables method to estimate uncollectibles, Brewed Awakenings, Inc., estimates that its
adjusted Allowance for Doubtful Accounts should equal $8,500. Prior to adjustment, the Allowance for Doubtful
Accounts has a debit balance of $500. After all necessary adjusting entries are made, the credit balance in
Allowance for Doubtful Accounts will be ______.
0.5 out of 0.5 points
Response See Module 4 LO5.1.5 Unadjusted Debit Allowance Balance.
The balance of Allowance for Doubtful Accounts equals $8,500 the amount of your
Receivables you estimate you will not collect. The adjusting entry required to get to
the desired $8,500 Allowance balance requires a debit to Doubtful Accounts Expense
(-SE) and credit to Allowance for Doubtful Accounts for $9,000 ( =$8,500 + $500
unadjusted debit balance (too little expensed in the prior period )).
Question 14
0.5 out of 0.5 points

9/1/21, 7:21 AM Review Test Submission: M1 H2 - Accounting Cycle – ...
What is book value (or net book value) of plant and equipment and on which financial statement is it reported?
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