Reference no: EM132814244
Problem - The ledger of Nixon Company at the end of the current year shows Accounts Receivable $180,000, Sales Revenue $1,800,000, and Sales Returns and Allowances $60,000.
Instructions -
(a) If Nixon uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Nixon determines that Willie's $2,900 balance is uncollectible.
(b) If Allowance for Doubtful Accounts has a credit balance of $4,300 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable.
(c) If Allowance for Doubtful Accounts has a debit balance of $410 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) 6% of accounts receivable.
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