Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 24 Apr 2018 My Price 6.00

Massey Ltd

Massey Ltd uses the allowance method to record bad debts expense and concludes, using the percentage of accounts receivable method, that 1% of accounts receivable will become uncollectable. Accounts receivable are $500 000 at the end of the year, and the Allowance for Doubtful Debts has a credit balance of $3000.
(a) Prepare the adjusting journal entry to record bad debts expense for the year.
(b) If the Allowance for Doubtful Debts had a debit balance of $800 instead of a credit balance of $3000,
determine the amount to be reported for bad debts expense.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Apr 2018 06:04 PM My Price 6.00

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