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Journal entries for estimated bad debts provision.
(Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Reba McIntrye Inc. shows the following balances.
Dr.
Cr.
Accounts Receivable
$90,000
Allowance for Doubtful Accounts
1,750
Sales (all on credit)
$680,000
Instructions
Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% gross accounts receivable and (b) 1% of net sales.
Evaluate operating income using the absorption-costing approach. Describe why operating income is not the same under the two approaches.
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What action is required? Ignore taxes. Illustrate what action is required if the error is not discovered until 4 years after it occurred?
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