FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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answer in text form please (without image), Note: .Every entry should have narration please
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
Save for Later
Credit
$680
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
586,000
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
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Transcribed Image Text: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 Save for Later Credit $680 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 586,000 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 Attempts: 0 of 1 used Submit Answer
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