At december 31, folgeys coffee company reports the following results for its calendar year.
cash sales $ 900,000
credit sales 300,000
its year-end unadjusted trial balance includes the following items.
accounts receivable $ 125,000 debit
allowance for doubtful accounts 5,000 debit
a.
prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be 1.5% of credit sales.
b.
prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be 0.5% of total sales.
c.
prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be 6% of year-end accounts receivable.
Answers: 2
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At december 31, folgeys coffee company reports the following results for its calendar year.
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