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b. During the year-end audit, B-Nice was suggested to change the way bad debts were estimated. B-Nice currently uses the percentage of accounts receivable method (10% of 611,100), but will have to revise its estimated bad debt expense using the aging of accounts receivable method. The information pertaining to the accounts receivable is given below: Amount ($) DV Farmer 116,500 Due date January 17, 2022 JJ Joysen 91,200 June 30, 2021 NJ Bell 53,600 July 12, 2021

b. During the year-end audit, B-Nice was suggested to change the way bad debts were estimated. B-Nice currently uses the percentage of accounts receivable method (10% of 611,100), but will have to revise its estimated bad debt expense using the aging of accounts receivable method. The information pertaining to the accounts receivable is given below: Amount ($) DV Farmer 116,500 Due date January 17, 2022 JJ Joysen 91,200 June 30, 2021 NJ Bell 53,600 July 12, 2021

FINANCIAL ACCOUNTING
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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b. During the year-end audit, B-Nice was suggested to change the way bad debts were estimated. B-Nice currently uses the percentage of accounts receivable method (10% of 611,100), but will have to revise its estimated bad debt expense using the aging of accounts receivable method. The information pertaining to the accounts receivable is given below: Amount ($) DV Farmer 116,500 Due date January 17, 2022 JJ Joysen 91,200 June 30, 2021 NJ Bell 53,600 July 12, 2021
Transcribed Image Text:b. During the year-end audit, B-Nice was suggested to change the way bad debts were estimated. B-Nice currently uses the percentage of accounts receivable method (10% of 611,100), but will have to revise its estimated bad debt expense using the aging of accounts receivable method. The information pertaining to the accounts receivable is given below: Amount ($) DV Farmer 116,500 Due date January 17, 2022 JJ Joysen 91,200 June 30, 2021 NJ Bell 53,600 July 12, 2021
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