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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question 8

Transcribed Image Text:9 units @10 BU each.
The weighted average cost per unit for the above inventory is:
O 9.5 BD
O 9.67 BD
10 BD
9 BD
QUESTION 8
ESG company sold merchandise with a cost of $1,500 for $4,500 cash. The journal entry to record this transaction includes:
O Dr. to accounts receivable and Cr. to sales; $4,500
O Dr. to accounts receivable and Cr. to sales; $1,500
O Dr. to cash and Cr. to sales; $1,500
Dr. to cash and Cr. to sales; $4,500
QUESTION 9
$100,000.
1% of net credit sales
2020 Net credit sales
Estimate of doubtful debts
Allowance account credit balance
Gross Accounts receivable
$1,800 before the estimate was made
$40,000.
Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sale
For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
Expert Solution
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