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28 Sep 2019
The ledger of Costello Company at the end of the current year shows Accounts Receivable $132,000, Sales Revenue $859,000, and Sales Returns and Allowances $31,000.
a. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 3% of net sales, and (2) 12% of accounts receivable
The ledger of Costello Company at the end of the current year shows Accounts Receivable $132,000, Sales Revenue $859,000, and Sales Returns and Allowances $31,000.
a. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 3% of net sales, and (2) 12% of accounts receivable
Sixta KovacekLv2
30 Sep 2019