Prepare the following adjusting entries at August 31 for Nokia (FIN). a. Interest on notes payable of € 327 is accrued. b. Unbilled fees for services performed total e 1,449. Salaries and wages earned by employees of € 657 have not been recorded. d. Bad debt expense for year is € 923. Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, Salaries and Wages Payable, Allowance for Doubtful Accounts, and Bad Debt Expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" fort amounts.) the account titles and enter O for the No. Account Titles and Explanation Debit Credit a.

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2023 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $36,000 $ 462,000 During 2024, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off in 2023. An aging of accounts receivable at December 31, 2024, reveals the following: Age Group 0-60 days 61-90 days 91-120 days Percentage of Year- End Receivables in Group Percent Uncollectible 70% 20 5% 15 5 20 5 40 Over 120 days Required: 1. Prepare summary journal entries to account for the 2024 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the…

Pomona inc. uses the aging method in accounting for uncollectible accounts.  On March 31, the company wrote off an uncollectible account of $2,600.  What effect does the write-off have on the company's financial statements?

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