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Wren Company had credit sales of $250,000 and cost of goods sold of $150,000 for the period. (a)Wren uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. (b)Wren uses the aging method and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,000. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales method, and (b) aging of accounts receivable method.
1)Record the end-of-period adjustment for bad debts under the percentage of credit sales method 2)Record the end-of-period adjustment for bad debts under the aging of accounts receivable method.
Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inventory purchases only; all other current liabilitie..
Vesely needs $160,000 to cover next Friday"s payroll. Its balance of outstanding accounts receivable totals $800,000. To alleviate this cash crunch, the company sells $170,000 of its receivables. Record the entry that Vesely would make.
on may 31 sosa company had a cash balance per books of 6781.50. the bank statement from sandwich community bank on that
Explain why it might make sense for this company to award bonuses based on sales growth. How might this approach encourage poor business decisions when compared to a bonus plan tied to earnings?
All of the following would be entries in assigning accumulated costs to the Work In Process Inventory except:
The net present value and the internal rate of return are similar metrics to present the return of a project. What are the differences? What is an advantage of each metric compared to the other?
preston concrete is a major supplier of concrete to residential and commercial builders in the pacific northwest. the
An audit client is being sued for $500,000 for discriminatory hiring practices. Indicate the appropriate action the auditor should take for each of the following independent responses to the letter of audit inquiry:
harrison company makes two products. management expects the manufacturing overhead costs for the year to be 15000. the
the merchandise inventory of planter co was destroyed by flood on august 15. the following data were obtained from the
bronze corporation sold machinery for $27,000 on december 31, 2011. The machinery had been purchased on january 2, 2008 for $40,000 and had an adjusted basis of $21,000 at the date of the sale. For 2011, what should Bronze Corporation report?
what is the value of a bond that has a par value of 1000 a coupon of 80 annually and matures in 11 years? assume a
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