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MAKE THE REQUIRED ENTRIES 5,000,000 2 A/R BALANCE @12/31/2008 RESERVE FOR BAD DEBT IS 1% OF THE ENDING A/R BALANCE TO SET UP THE RESERVE FOR EACH CASE CASE 1 0 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008 t CASE 2 40,000 CREDIT ALLOW FOR DOUBTFUL ACCTS BAL @12/31/2008 10,000 DEBIT CASE 3 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008

MAKE THE REQUIRED ENTRIES 5,000,000 2 A/R BALANCE @12/31/2008 RESERVE FOR BAD DEBT IS 1% OF THE ENDING A/R BALANCE TO SET UP THE RESERVE FOR EACH CASE CASE 1 0 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008 t CASE 2 40,000 CREDIT ALLOW FOR DOUBTFUL ACCTS BAL @12/31/2008 10,000 DEBIT CASE 3 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008

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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MAKE THE REQUIRED ENTRIES 5,000,000 2 A/R BALANCE @12/31/2008 RESERVE FOR BAD DEBT IS 1% OF THE ENDING A/R BALANCE TO SET UP THE RESERVE FOR EACH CASE CASE 1 0 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008 t CASE 2 40,000 CREDIT ALLOW FOR DOUBTFUL ACCTS BAL @12/31/2008 10,000 DEBIT CASE 3 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008
Transcribed Image Text:MAKE THE REQUIRED ENTRIES 5,000,000 2 A/R BALANCE @12/31/2008 RESERVE FOR BAD DEBT IS 1% OF THE ENDING A/R BALANCE TO SET UP THE RESERVE FOR EACH CASE CASE 1 0 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008 t CASE 2 40,000 CREDIT ALLOW FOR DOUBTFUL ACCTS BAL @12/31/2008 10,000 DEBIT CASE 3 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008
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