Business, 06.05.2020 05:15 freesiareal2780
Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $607,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,470.
1) Prepare the adjusting journal entry to record bad debt expense for the year.
2) If the allowance for doubtful accounts had a debit balance of $960 instead of a credit balance of $2,470, determine the amount to be reported for bad debt expense.
Answers: 2
Business, 22.06.2019 07:30
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Business, 22.06.2019 08:30
Most angel investors expect a return on investment of question options: 20% to 25% over 5 years. 15% to 20% over 5 years. 75% over 10 years. 100% over 5 years.
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Business, 22.06.2019 10:20
Blue spruce corp. has the following transactions during august of the current year. aug. 1 issues shares of common stock to investors in exchange for $10,170. 4 pays insurance in advance for 3 months, $1,720. 16 receives $710 from clients for services rendered. 27 pays the secretary $740 salary. indicate the basic analysis and the debit-credit analysis.
Answers: 1
Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that...
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