At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 900,000 300,000 Credit sales Its year-end unadjusted trial balance includes the following items. Accounts receivable $ 125,000 debit Allowance for doubtful accounts 5,000 debit Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1% of total sales and (3) 6% of year-end accounts receivable. View transaction list Journal entry worksheet < 1 2 3 > Record Bad Debts Expense assuming uncollectibles are estimated to be 3% of credit sales. Note: Enter debits before credits. General Journal Debit Credit Date December 31
At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 900,000 300,000 Credit sales Its year-end unadjusted trial balance includes the following items. Accounts receivable $ 125,000 debit Allowance for doubtful accounts 5,000 debit Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1% of total sales and (3) 6% of year-end accounts receivable. View transaction list Journal entry worksheet < 1 2 3 > Record Bad Debts Expense assuming uncollectibles are estimated to be 3% of credit sales. Note: Enter debits before credits. General Journal Debit Credit Date December 31
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 2CE: Tonis Tech Shop has total credit sales for the year of 170,000 and estimates that 3% of its credit...
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