Santana rey, owner of business solutions, realizes that she needs to begin accounting for bad debts expense. assume that business solutions has total revenues of $51,000 during the first three months of 2020, and that the accounts receivable balance on march 31, 2020, is $22,417.required
1. prepare the adjusting entry needed for business solutions to recognize bad debts expense on march
31, 2012, under each of the following independent assumptions (assume a zero unadjusted balance in
the allowance for doubtful accounts at march 31).
a. bad debts are estimated to be 1% of total revenues. (round amounts to the dollar.)
b. bad debts are estimated to be 2% of accounts receivable. (round amounts to the dollar.)
2. assume that business solutions
Answers: 2
Business, 22.06.2019 08:30, adambbogard1589
Match the items with the actions necessary to reconcile the bank statement.(there's not just one answer)1. interest credited in bank account2. fee charged by bank for returned check3. checks issued but not deposited4. deposits yet to be crediteda. add to bank statementb. deduct from bank statementc. add to personal statementd. deduct from personal statement
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Business, 23.06.2019 02:00, Squara
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Santana rey, owner of business solutions, realizes that she needs to begin accounting for bad debts...
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