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Write-Off of Uncollectible Accounts
The Rock has credit sales of $500,000 during 2011 and estimates at the end of 2011 that 2 percent of these credit sales will eventually default. Also, during 2011 a customer defaults on a $1,800 balance related to goods purchased in 2010.
Required:
1. Prepare the journal entry to record the defaulted balance.
2. Prepare the adjusting entry to record the bad debt expense for 2011.
down under products ltd. of australia has budgeted sales of its popular boomerang for the next four months as
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The following transactions took place for Parker's Grocery. a. Jan. 1 Loaned $ 50,000 to a cashier of the company and received back a one-year, 8 percent note. b. June 30 Accrued interest on the note. c. Dec. 31 Received interest on the note. (No int..
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Suppose the rate of return on a 10-year T-bond is 6.85%, the expected average rate of inflation over the next 10 years is 2.0%, the MRP on a 10-year T-bond is 0.9%, no MRP is required on a TIPS, and no liquidity premium is required on any Treasury..
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