Business, 10.06.2020 03:57 brooklynunderwood46
At December 31, 2010, Aaliyah Company reports the following results for its calendar year.
Cash sales $1905,000
Credit sales 5682000
In addition, its unadjusted trial balance includes the following items
Accounts receivable $1,270,100 debit
Allowance for doubtful accounts 16,580 debit
Required
1. Prepare the adjusting entry for Aaliyah Co. to recognize bad debts under each of the following independent assumptions:
a. Bad debts are estimated to be 1.5% of credit sales.
b. Bad debts are estimated to be 1% of total sales.
c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible.
2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2010, balance sheet assuming that an aging analysis estimates that 5% of year-end accounts receivable are uncollectible.
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At December 31, 2010, Aaliyah Company reports the following results for its calendar year.
Cash sal...
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