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1) 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 $2,300 balance is uncollectible.
2) If Allowance for Doubtful Accounts has a credit balance of $2,600 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 2% of net sales, and (2) 11% of accounts receivable.
3) If Allowance for Doubtful Accounts has a debit balance of $230 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 0.75% of net sales and (2) 7% of accounts receivable.
during the current year patton consulting group aquired long-term available-for-sale securities at a 35000 cost. at
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Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to..
Briefly describe each of the generally accepted auditing standards and indicate how the action(s) of Jones resulted in a failure to comply with each standard. Use the table below to present your answers.
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