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Novak Corp. had net sales in 2020 of $2.2 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $258,600 debit; Allowance for Doubtful Accounts $2,700 debit. Assume Novak has examined the aging of the accounts receivable and has determined the Allowance for Doubtful Accounts should have a balance of $28,700
Problem 1: Make the December 31, 2020 journal entry to record the adjustment to Allowance for Doubtful Accounts.
Incurred to be greater than the contract price. If Builder Co. recognizes revenue for its contract upon completion, what would be its Year 2 journal entry?
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On January 1, Ripken Corporation had 40,000 shares of $10 par value common stock outstanding. On March 17 the company declared a 10% stock dividend to stockholders of record on March 20. Market value of the stock was $13 on March 17. The entry to rec..
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GlaxoSmithKline's spending of $3.6 billion on research and development of new drugs is a capital budgeting decision but not a financing decision. True/ false
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