subject
Business, 08.04.2021 18:20 faithandchris2101732

Gregg Company uses the allowance method for recording its expected credit losses. It estimated credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts has a credit balance of $12,200 before adjustment. Required:
a. Prepare the adjusting entry to record the credit losses for the year
b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear in the December 31 balance sheet.

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 13:30
Over the past year, three of the star salesmen at family resorts international's corporate office have been lured away to competitors. on top of that, karina, the general manager of the sales department, has noticed that most employees come in, do their jobs, and leave. family resorts offers a good salary, benefits, and tuition reimbursement, as well as a number of development and training programs. most employees seem contented enough, but karina would like to do something to increase the level of engagement among her staff. what do you think karina should do?
Answers: 1
question
Business, 22.06.2019 20:30
Before the tools that have come from computational psychiatry are ready to be used in everyday practice by psychiatrics, what is needed
Answers: 1
question
Business, 22.06.2019 22:30
Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. in this case, the country that produces jeans will produce million pairs per week, and the country that produces corn will produce million bushels per week.
Answers: 1
question
Business, 23.06.2019 11:30
When balancing wheels with either dynamic or road force balancers, technician a says it is really important to follow the instructions provided with the particular balancer you're using. technician b says that when rebalancing a wheel, if it is out of balance, it is best to remove the old weights and recheck the balance before adding new weights. who is correct?
Answers: 2
You know the right answer?
Gregg Company uses the allowance method for recording its expected credit losses. It estimated credi...
Questions
Questions on the website: 13722367