ACC 281 Week 3 Individual Assignment

ACC 281 Week 3 Individual Assignment


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Asked by 2 years ago
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ACC 281 Week 3 Individual Assignment

Week 3 Individual Assignment

University of Phoenix

ACC 281

xxxxxx

xxxx

E9-3

The ledger of Hixson Company at the end of the current year shows Accounts Receivable 120,000, Sales 840,000, and Sales Returns and Allowances 30,000.

Instructions

(a)If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31; assuming Hixson determines that Fell's 1,400 balance is uncollectible.

Dec

31

Bad Debt Expense

1,400

Account Receivable

(To record uncollectible balance fro Fell)

1,400

(b)If Allowance for Doubtful Accounts has a credit balance of 2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net...

ACC 281
hemsworth

1 Answer

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Answered by 2 years ago
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ACC 281 Week 3 Individual Assignment

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Excerpt from file: ACC281Week3IndividualAssignment Week3IndividualAssignment UniversityofPhoenix ACC281 xxxxxx xxxx E93 TheledgerofHixsonCompanyattheendofthecurrentyearshowsAccountsReceivable120,000,Sales840,000,andSalesReturns andAllowances30,000. Instructions

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