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. $125,000 debit 5,000 debit Accounts receivable Allowance for doubtful accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (a) 3% of credit sales, (b) 1% of total sales and (c) 6% of year-end accounts receivable. View transaction list Journal entry worksheet 1 2 Record Bad Debts Expense assuming uncollectibles are estimated to be 3% of credit sales. Note: Enter debits before credits. Transaction General Journal Debit Credit а Record entry Clear entry View general journal
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. $125,000 debit 5,000 debit Accounts receivable Allowance for doubtful accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (a) 3% of credit sales, (b) 1% of total sales and (c) 6% of year-end accounts receivable. View transaction list Journal entry worksheet 1 2 Record Bad Debts Expense assuming uncollectibles are estimated to be 3% of credit sales. Note: Enter debits before credits. Transaction General Journal Debit Credit а Record entry Clear entry View general journal
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 9SPB: UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the...
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