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Question 13Selected Answer:Answers:Using the aging-of-receivables method to estimate uncollectibles, Brewed Awakenings, Inc., estimates that itsadjusted Allowance for Doubtful Accounts should equal $8,500. Prior to adjustment, the Allowance for DoubtfulAccounts has a debit balance of $500. After all necessary adjusting entries are made, the credit balance inAllowance for Doubtful Accounts will be ______.0.5 out of 0.5 points
ResponseSee Module 4 LO5.1.5 Unadjusted Debit Allowance Balance.
The balance ofAllowance for Doubtful Accountsequals $8,500 the amount of yourReceivables you estimate you will not collect. The adjusting entry required to get tothe desired $8,500Allowancebalance requires a debit toDoubtful Accounts Expense(-SE) and credit toAllowance for Doubtful Accountsfor $9,000 (=$8,500 + $500unadjusted debit balance (too little expensed in the prior period)).Question 140.5 out of 0.5 points
9/1/21, 7:21 AMReview 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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Term
Spring
Professor
Ruhe
Tags
Balance Sheet, Generally Accepted Accounting Principles, Doubtful Accounts

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