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Question 1 - Blackstock Company has a weekly payroll of $18,375 and grants two weeks' vacation after one year's employment, which amounts to 4% of annual pay. Based on past turnover rates. the employer estimates that 80 percent of employees actually will be granted vacation time. Prepare a general journal entry to record the estimated vacation pay resulting from the weekly payroll.
Question 2 - Fife, Inc. has the following account balances at December 31, 2005: Accounts Receivable $185,600 and Allowance for Doubtful Accounts $1,600 (credit balance). Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year-end:
Account Age
Age Group Balance
Estimated Uncollectible Percentage
Current
$96,000
2.0
1-30 days past due
64,000
5.0
31-60 days past due
16,000
15.0
61-90 days past due
6,400
35.0
Over 90 days past due
3,200
45.0
Required -
(1) Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, 20X5, balance sheet.
(2) Prepare the journal entry to record 20X5 bad debts expense.
X and Y are equal partners. On 1st July, 1962, they agree to admit ? as partner. ? is to pay £2,000 as a premium-the money to be left in the business.
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