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Problem 5-13 (AICPA Adapted) Namesake Company reported the following unadjusted balances at year-end: Debit Credit Accounts receivable Allowance for doubtful accounta Net credit sales 3,000,000 10,000 8,000,000 The entity estimated that 3% of the gross accounts receivable would become uncollectible. What amount sbould be reported as doubtful accounts expense for the current year? a 240,000 b. 100,000 90,000 d. 80,000 c. Problem 5-14 (AICPA Adapted) Bestial Company reported the following accounts at year-end before adjustments: Debit Credit Allowance for doubtful accounts Sales Sales return 5,000 7,200,000 200,000 The entity estimated uncollectible accounts receivable at 2% of net sales. What amount of doubtful accounts expenoe ahould be reported for the current year? a. 140,000 b. 145,000 e. 141,000 d. 144,000

Problem 5-13 (AICPA Adapted) Namesake Company reported the following unadjusted balances at year-end: Debit Credit Accounts receivable Allowance for doubtful accounta Net credit sales 3,000,000 10,000 8,000,000 The entity estimated that 3% of the gross accounts receivable would become uncollectible. What amount sbould be reported as doubtful accounts expense for the current year? a 240,000 b. 100,000 90,000 d. 80,000 c. Problem 5-14 (AICPA Adapted) Bestial Company reported the following accounts at year-end before adjustments: Debit Credit Allowance for doubtful accounts Sales Sales return 5,000 7,200,000 200,000 The entity estimated uncollectible accounts receivable at 2% of net sales. What amount of doubtful accounts expenoe ahould be reported for the current year? a. 140,000 b. 145,000 e. 141,000 d. 144,000

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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Problem 5-13 (AICPA Adapted) Namesake Conpany reported the following unadjusted balances at year-end: Debit Credit Accounts receivable Allowance for doubtful accounts Net credit sales 3,000,000 10,000 8,000,000 The entity estimated that 3% of the gross accounts receivable would become uncollectible. What amount should be reported as doubtful accounts expense for the current year? a. 240,000 b. 100,000 90,000 d. 80,000 с. Problem 5-14 (AICPA Adapted) Bestial Company reported the following accounts at year-end before adjustments: Debit Credit Allowance for doubtful accounts 5,000 Sales Sales return 7,200,000 200,000 The entity estimated uncollectible accounts receivable at 2% of net sales. What amount of doubtful accounto expenee should be reported for the current year? a. 140,000 ь. 145,000 c. 141,000 d. 144,000
Transcribed Image Text:Problem 5-13 (AICPA Adapted) Namesake Conpany reported the following unadjusted balances at year-end: Debit Credit Accounts receivable Allowance for doubtful accounts Net credit sales 3,000,000 10,000 8,000,000 The entity estimated that 3% of the gross accounts receivable would become uncollectible. What amount should be reported as doubtful accounts expense for the current year? a. 240,000 b. 100,000 90,000 d. 80,000 с. Problem 5-14 (AICPA Adapted) Bestial Company reported the following accounts at year-end before adjustments: Debit Credit Allowance for doubtful accounts 5,000 Sales Sales return 7,200,000 200,000 The entity estimated uncollectible accounts receivable at 2% of net sales. What amount of doubtful accounto expenee should be reported for the current year? a. 140,000 ь. 145,000 c. 141,000 d. 144,000
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