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HBC Corporation had the following transcations
Aug 15
HBC pruchased a lot and building for 275,000. HBC spent 38,000 to demolish the building. A new protable building was installed at a cost of 360,000. the company paid 246,000 cash and arranged a long term note balance
Required:
Question 1: Prepare one journal entry for Aug 15
Sept 7
HBC gave rotary sports a 60 day, 12% , 50,000 note to extend rotary sports overdue account with HBC
Dec 31.
The Allowance for Doubtful accounts had an adjusted debit balance of 4,200. HBC estimated that 3% of A/R will be uncollected. the accounts receivable at the year end was 520,000
Question 2: Record the general journal entry for Sept 7th and Dec 31
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