Assume that Simple Co. had credit sales of $288,000 and cost of goods sold of $169,000 for the period. It estimates that 3 percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $9,500 when it uses the aging method. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $440. Prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales method and (b) aging of accounts receivable method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Answers: 2
Business, 21.06.2019 20:30, hoolio4495
At a young age, ebony's coaches were confident she had the potential to be a world-class swimmer with a future coaching career. after four years on an athletic scholarship and olympic experience under her belt, she chose a different path. with her savings and personal connections, she rented a corner building in a bustling san francisco neighborhood and pursued her dream: a surf shop business. ebony's dream was rooted in which basic right of free-market capitalism?
Answers: 3
Business, 22.06.2019 16:10, donbright100
Answer the following questions using the banker’s algorithm: a. illustrate that the system is in a safe state by demonstrating an order in which the processes may complete. b. if a request from process p1 arrives for (1, 1, 0, 0), can the request be granted immediately? c. if a request from process p
Answers: 1
Business, 23.06.2019 01:30, desimond01
Jodie lives in a developing nation where the local markets are underdeveloped in terms of domestic exposure. her country wants to boost these domestic industries in the face of heavy competition from foreign players in the market. which trade practice should jodie’s country adopt to shield its domestic industries from foreign players? jodie’s country should adopt to shield its domestic industries from foreign players. typing answer
Answers: 1
Assume that Simple Co. had credit sales of $288,000 and cost of goods sold of $169,000 for the perio...
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