Dr Nick

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    Kaplan University
    Apr-2009 - Mar-2014

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    University of Santo Tomas
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Category > Accounting Posted 13 Sep 2017 My Price 10.00

The ledger of Wainwright Company at the end of the current year shows Accounts Receivable

Question 1

The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $819,000; and Sales Returns and Allowances $48,300.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a) If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $870 balance is uncollectible.

(b) If Allowance for Doubtful Accounts has a debit balance of $970 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable.

 

Answers

Dr Nick
(4)
Status NEW Posted 13 Sep 2017 07:09 PM My Price 10.00

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