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BE9-3 During its first year of operations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end.

BE9-3

During its first year of operations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will become uncollectible.


Prepare the journal entry to record the estimated uncollectibles.

Description/Account Debit Credit





Prepare the current assets section of the balance sheet for Henley Company. Assume that in addition to the receivables it has cash of $90,000, merchandise inventory of $130,000, and prepaid expenses of $7,500.

Current assets
$
$
Less:





Total current assets

$

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Uncollectible receivables.doc

During its first year of operations, Henley Company had credit sales of $3,000,000;
$600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of
these receivables will...

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