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Give the adjustments for estimated bad debts

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Reference no: EM132693753

A trial balance for the ABC Company shows the following:

Accounts Receivable 600,000

Allowance for Bad Debts 5,000

Sales 4,030,000

Sales Returns and allowances 30,000

Problem 1: Give the adjustments for estimated bad debts assuming that:

  1. A loss of 30,000 is indicated by aging the accounts
  2. The allowance amount is to be increased by 1% of Net Sales
  3. It is estimated that bad debts for the period is 3% of Net Sales
  4. The allowance account is maintained at 3% of accounts receivable
  5. The allowance account is increased to 5% of accounts receivable.

Reference no: EM132693753

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