FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Tomm Wholesalers sells construction equipment to small home builders. The following pertains to Tomm’s credit and cash sales for the month of December 31, 2020. Tomm generally considers 3% of credit sales to be uncollectible and it uses the allowance method. Cash Sales $38,000 Credit Sales $275,000 Prepare the appropriate bad debt journal entry for the month of December. Do not prepare any other journal entries for this problem.arrow_forwardSally Goodenough owes ABC Company $100. ABC has decided that Sally is not going to pay them. ABC will: Group of answer choices do nothing Record bad debt expense of $100 Decrease its allowance for doubtful accounts Increase accounts receivable $100arrow_forwardArchie makes plumbing fittings. He is currently preparing accounts for the year ended 31 December 2021, but his sales book was destroyed in a flood. He has a separate list of the moneys owing by customers at 31 December 2021, which amounted to £41,000 in total. Generally, Archie allows his customers 30 days credit. Archie estimated his sales for the year ended 31 December 2021 at:a) £14,235,000b) £1,170,000c) £488,500d) None of the abovearrow_forward
- Want the Answer please without any failarrow_forward4Aarrow_forwardDo you want to make a double entry? On November 7, 2021, a fire broke out at the store, destroying merchandise worth $12,000. The insurance company has declared that it will only pay out the first $3,000 of the claim under the provisions of the contract. There haven't been any entries made yet to document this.arrow_forward
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