Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500. During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts.

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At the end of the first year of operations, mayberry advertising had accounts receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjutment would mayberry advertising record to established allowance for uncollectible accounts Do the journal entry worksheet

On July 10, 2020, Tamarisk Music sold CDs to retailers on account and recorded sales revenue of $657,000 (cost $538,740). Tamarisk grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Tamarisk and were granted credit of $84,200.Prepare Tamarisk’s journal entries to record (a) the sale on July 10, 2020, and (b) $84,200 of returns on October 11, 2020, and on October 31, 2020. Assume that Tamarisk prepares financial statement on October 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit (a)                                                             enter an account title to record sales on July 10, 2017 enter a debit amount…

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Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.

Provide the following independent journal entries: a.  July 31, 2019.  We had $1,000,000 of credit sales in July.  We estimate that our bad debt expense will be 1% of credit sales. b.  Aug. 15, 2019.  We have an account receivable from Frank Farmworker for $500.  On Aug. 15 we decide that we will not collect this account, so need to write it off. On Sept. 5 we get a check from Frank in the mail. c.  Dec. 31, 2019.  Allowance for Bad Debts currently has a credit balance of $7,200.  We perform an aging of accounts receivable, and determine that the Allowance should have a balance of $10,100. d.  Dec. 31, 2020.  We age our accounts receivable: ​​​​Age of accounts                                                     . Days:                                 1-30 ​​31-60  ​​61-90​​91+​​Total       Accounts receivable​$85,000​$40,000​$10,000​$2,000​​$137,000 Estimate % uncollectible        1%                      5%                    20%                         60% What balance should the…

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At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31

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