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You are a staff accountant in a CPA firm. Your manager has asked you to provide a report containing accounting information on the following 3 clients:
Global Inc. purchased a machine and incurred the following expenditures:
Purchase price
$20,000
Freight costs
$1,000
Sales tax
$2,000
Insurance on shipment
$200
Insurance for the first year on the machine
$500
Installation of the machine
Brands Resources traded an old machine for a new machine. The book value of the old machine was $150,000 (original cost $320,000, less accumulated depreciation of $170,000). The fair value was $180,000. Brands Resources paid $20,000 to complete the exchange.
Reliable Company purchased a machine on January 1, 2008 at a net cost of $85,000. At the end of the 4-year life, it expects the machine will have a salvage value of $5,000. It also estimates that the machine will run for 10,000 hours during its 4-year life. The company has a fiscal year that ends on December 31.
Year
Machine hours
2008
2,000
2009
3,000
2010
1,000
2011
4,000
Purpose the adjusting entry to recognise bad debt expens - Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $500 debit balance before the current year's provision for uncollectible accounts.
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