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1. A company had a normal balance of $10,000 in its Accounts Receivable account, and a normal balance of $500 in its Allowance for Doubtful Accounts account. During the year it had $500,000 in sales. At the end of the year it determined that 3.5% of sales would be uncollectible.
Required:
a. Prepare the adjusting entry that records bad debts expense.
b. Prepare the journal entry that records a write-off of a $700 uncollectible account receivable.
2. What are the purposes of making an adjusting entry for expected bad debts, and the use of the Allowance for Doubtful Accounts account? Narratives about your prior or current experience with bad debts are welcome.
Salen Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2012, it assigned, under guarantee, specific accounts amounting to $150,000.
Bonita places a coupon in each box of its product. Customers may send in five coupons and $3-A total of 400,000 boxes of product were sold in 2010. It was estimated that 6% of the coupons would be redeemed.
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Total payroll was $480,000, of which $110,000 is exempt fro mSocial Security tax because it represented amounts paid in excess of $90,000 to certain employees. Prepare the necessary journal entries if the wages and salaries paid and the employer p..
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