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Journalize the adjusting entry at december

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Question - The ledger of Concord Corporation at the end of the current year shows Accounts Receivable $75,800; Credit Sales $818,100; and Sales Returns and Allowances $39,600.

(a) If Concord Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Concord Corporation determines that Matisse's $812 balance is uncollectible.

(b) If Allowance for Doubtful Accounts has a credit balance of $1,060 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable.(c)If Allowance for Doubtful Accounts has a debit balance of $530 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 7% of accounts receivable.

Reference no: EM131577567

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