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The following represents selected information taken from a company's aging schedule to estimate uncollectible accounts receivable at year end.
Instructions
(a) Calculate the total estimated bad debts based on the above information.
(b) Prepare the year-end adjusting journal entry to record the bad debts using the allowance method and the aged uncollectible accounts receivable determined in (a). Assume the current balance in the Allowance for Doubtful Accounts account is a $3,000 credit.
(c) Of the above accounts, $1,600 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible accounts.
(d) The company subsequently collects $700 on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection.
(e) Explain how establishing an allowance account satisfies the matching principle.
a. a 30000 note payable is retired at its 30000 carrying book value in exchange for cashb. the only changes affecting
Use the t accounts page in your workbook to post all journal entries to the appropriate ledger account and calculate account balances as of September 30th.
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According to the same report, users can use the two smartphones simply by signing a 24-month lease agreement and by paying the monthly instalment plan (Solinap, 2016). Earnings in some organisations are a key.
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The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal use.
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