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Journal entries for estimated bad debts provision.
(Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Reba McIntrye Inc. shows the following balances.
Dr.
Cr.
Accounts Receivable
$90,000
Allowance for Doubtful Accounts
1,750
Sales (all on credit)
$680,000
Instructions
Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% gross accounts receivable and (b) 1% of net sales.
The total effect on pretax and after-tax earnings of the understatement of purchases and the total effect on pretax and after-tax earnings of the rescinding of the bonuses.
Profits and capital interests have remained unchanged since the partnership was formed. Thomas is actively involved in managing the business while the limited partners are simply investors.
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