A trial balance before adjustment included the following: Accounts receivable Allowance for doubtful accounts Sales revenue Sales returns and allowances Debit $136,000 Account Titles and Explanation 7,800 Credit $680 586,000 Prepare year-end adjusting journal entries assuming that the estimate of uncollectible accounts is determined by taking: (1) 6% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry) Account Titles and Explanation Debit (2) 4% of gross accounts receivable (assuming a $680 debit allowance account balance). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry) Credit Debit Credit

A trial balance before adjustment included the following: Accounts receivable Allowance for doubtful accounts Sales revenue Sales returns and allowances Debit $136,000 Account Titles and Explanation 7,800 Credit $680 586,000 Prepare year-end adjusting journal entries assuming that the estimate of uncollectible accounts is determined by taking: (1) 6% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry) Account Titles and Explanation Debit (2) 4% of gross accounts receivable (assuming a $680 debit allowance account balance). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry) Credit Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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