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Question - On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,400, Dallas Co. estimates that 9% of its accounts receivable balance of $90,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Dallas Co. determined that B. Jared's account was uncollectible and wrote off $1,200. On June 12, 2022, Jared paid the amount previously written off.
Required - Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022.
Auditors are held accountable for their ability, Do think the auditor negative consequences, both in monetary and reputation terms, are unfair as a result?
Determined that the cost of supplies on hand was $300 and $8,600 of supplies had been used during the month.
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