Essay
On December 31, 2012, ABC Inc. has an accounts receivable balance of $300,000 before any year-end adjustments. The allowance for doubtful accounts has a $10,000 credit balance. The company prepares the following aging schedule for accounts receivable:
Based on the aging of accounts receivable, is the unadjusted balance of the allowance account adequate? Why or why not? Journalize the entry required by the aging schedule.
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Computation = (150,000 * .005)...View Answer
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Correct Answer:
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