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A company that uses the allowance method to account for its bad debts had credit sales of $740,000 in 2001, including a $720 sale to Linda Paul. On December 31, 2001, the company estimated its bad debt at 1.5% of its credit sales. On June 1, 2002, the company wrote off an uncollectible the $720 account of Linda Paul; and on Dec 25, 2002 Linda Paul unexpectedly paid her account in full. Prepare the necessary journal entries
(a) on Dec 31, 2001 to reflect the estimate of bad debts expense:
(b) on June 1, 2002, to write off the bad debt: and
(c) on Dec 25, 2002, to record the unexpected collection
lemon company spends 5.6 in variable costs for each product produced. fixed manufacturing overhead costs are 110019 a
Analyze: what annual per-share dividend was paid to common stockholders in 2010?
Carin, a widow, elected to recieve the proceeds of a $100,000 life insurance policy on the life of her deceased husband in 10 installments of $15,000 each. Her husband had prepaid premiums of $75,000 on the policy. In the first year, Carin collect..
What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit? (100 words)
At the purchase date, the excess of Wallace's cost over its proportionate share of Goldman's book value was assigned to goodwill. On December 31, 2010, what is the Investment in Goldman Company balance (equity method) in Wallace's financial record..
what behavioral problems are associated with setting a budget too loosely? what behavioral problems are associated with
Determine which regional managers should receive bonuses if bonuses are awarded to regional managers whose return on investment (ROI) exceeds 10%. Be sure to show all your work. (this company defines invested capital as total assets minus current ..
little boat inc. has a boat that is worn out.nbspnbspit must be either overhauled or replaced with a new boat. you have
would an increase in variable costs cause a company's break-even point to increase or decrease? why?
Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column.
suppose a student has a 20000 credit card debt on january 1. the company charge 12 annual interest rate and it is
Which of the following debt service funds would normaly have the largest balance in its fund balance account? Serial bond debt service, Deferred serial bond debt service fund, irregular serial bond debt service fund, term bond debt service fund.
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