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1. A company had a normal balance of $10,000 in its Accounts Receivable account, and a normal balance of $500 in its Allowance for Doubtful Accounts account. During the year it had $500,000 in sales. At the end of the year it determined that 3.5% of sales would be uncollectible.
Required:
a. Prepare the adjusting entry that records bad debts expense.
b. Prepare the journal entry that records a write-off of a $700 uncollectible account receivable.
2. What are the purposes of making an adjusting entry for expected bad debts, and the use of the Allowance for Doubtful Accounts account? Narratives about your prior or current experience with bad debts are welcome.
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
The following transactions relate to the general fund of the City of Buffalo Falls for the year ended December 31, 2012: Prepare journal entries for transactions.
In which of the markets would you recommend that the company focus its advertising campaign? Show computations to support your answer.
Assess the supremacy provision in the Federal constitution. Discuss how the passage of a state tax bill is similar to the passage of a Federal law.
Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
What amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
On Jan 1, 2002, Frost Company acquired all of TKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance shee..
Differentiate the accrual basis of accounting from the cash-basis of accounting. Determine which method is acceptable for most business enterprises and justify your selection.
How much revenue will Drysdale recognize under the cash method and under the accrual basis? Describe how Drysdale should apply the matching principle to recognize expenses. Prepare an income statement according to the accrual method. Ignore income ta..
On September 11, the customer who had been billed on August 18 complained about being overcharged and was granted a credit of $350.
Many individuals believe that trade deficits are troubling economic condition which points out weakness in economy while trade surpluses are sign of strength and rising prominence for economy.
How does the use of the accrual basis help organizations to better evaluate their performance over time? What protection could financial statements generated under the accrual basis have to a potential donor in the organization?
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