FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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E7.9 (LO 3) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Taylor Swift Inc. shows the following balances. Dr. Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) $90,000 1750 $680,000 Instructions Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4 of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1.700 cred balance.
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Transcribed Image Text:E7.9 (LO 3) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Taylor Swift Inc. shows the following balances. Dr. Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue (all on credit) $90,000 1750 $680,000 Instructions Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4 of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1.700 cred balance.
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