Chapter+4+and+5+practice.pdf

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Department
Commerce
Course
COMMERCE 1BA3
Professor
Aadil Merali Juma
Semester
Summer

Description
1 Using the agingofaccountsreceivable method you estimate that total uncollectible accounts are 3800i The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of 1100 The amount of the adjusting entry should be 2700 ii The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of 1100 The amount of the adjusting entry should be 49002 For each of the following independent situations compute net accounts receivablei Accounts Receivable has a balance of 14000 The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of 300 An aging schedule prepared on December 31 reveals 1100 of uncollectible accounts 14000110012900 ii Accounts Receivable has a balance of 25700 The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of 400 An aging schedule prepared on December 31 reveals 2300 of uncollectible accounts 25700230023400 iii Accounts Receivable has a balance of 84000 The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of 300 Net credit sales for the year are 250000 and 3 is estimated to be uncollectible25000000375003007500780084000780076200 iv Accounts Receivable has a balance of 83000 The Allowa
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