FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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T2.

 

Selected unadjusted account
balances at December 31, 2023,
are shown below for Demon
Servicing. Arcounts receivable
Allowance for doubtfül accounts
Sales (all on credit) Sales
discounts $66,000 $ 1,860
464,000 19,000 Required: ..
Assume that Demon estimates
uncollectible accounts as 2% of
receivables. Prepare the adjusting
entry required on December 2023
to estimate uncollectible
receivables.
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Transcribed Image Text:Selected unadjusted account balances at December 31, 2023, are shown below for Demon Servicing. Arcounts receivable Allowance for doubtfül accounts Sales (all on credit) Sales discounts $66,000 $ 1,860 464,000 19,000 Required: .. Assume that Demon estimates uncollectible accounts as 2% of receivables. Prepare the adjusting entry required on December 2023 to estimate uncollectible receivables.
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