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P9-1A. At December 31, 2007, Leis Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for...

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P9-1A. At December 31, 2007, Leis Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80,000 During 2008, the company had the following transactions related to receivables. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as Hint: Prepare journal entries related to bad debts expense. ( SO 2 , SO 3 and SO 9 ) Instructions (a) Prepare t transactio taken on (b) Enter the Receivab post the e and deter (b) Accou $1,210,0
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ADA $1 (c) Prepare t for 2008, receivabl $115,000 (c) Bad d (d) Compute 2008. P9-2A. Information related to Hermesch Company for 2008 is summarized below. Total credit sales $2,200,00 Accounts receivable at December 825,000 Bad debts written off 33,000 Hint: Compute bad debts amounts. ( SO 3 ) Instructions (a) What amount of bad debts expense will Hermesch Company of accounting for bad debts? (b) Assume that Hermesch Company estimates its bad debts exp of bad debts expense will Hermesch record if it has an Allow of $4,000?
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