Business, 15.04.2021 19:40 vanessabeausoleil

Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 Skip to question [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 1,453,550 Credit sales $ 3,268,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 990,204 debit Allowance for doubtful accounts $ 13,570 debit Problem 7-2A (Algo) Part 1 Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. Bad debts are estimated to be 4% of credit sales. Bad debts are estimated to be 3% of total sales. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). (Do not round intermediate calculations.)

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Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 Skip to question [The following inf...

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