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Excel Applications for Accounting Principles 4th Edition by Gaylord Smith
Edition 4ISBN: 978-1111581565Excel Applications for Accounting Principles 4th Edition by Gaylord Smith
Edition 4ISBN: 978-1111581565 Exercise 5
PROBLEM DATA
On October 31, 2012, Easy Breezy Beauty Supplies had the following amounts due from its customers:
REQUIREMENT
In the spaces provided below, record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions:
a. The Allowance for Doubtful Accounts before adjustment has a credit balance of $500.
b. The Allowance for Doubtful Accounts before adjustment has a debit balance of $250.
c. Assume that October's credit sales were $70,000. Uncollectible accounts expense is estimated at 2% of sales.
On October 31, 2012, Easy Breezy Beauty Supplies had the following amounts due from its customers:
REQUIREMENT
In the spaces provided below, record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions:
a. The Allowance for Doubtful Accounts before adjustment has a credit balance of $500.
b. The Allowance for Doubtful Accounts before adjustment has a debit balance of $250.
c. Assume that October's credit sales were $70,000. Uncollectible accounts expense is estimated at 2% of sales.
Explanation
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When an accounts receivable is written o...
Excel Applications for Accounting Principles 4th Edition by Gaylord Smith
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