A company ages its accounts receivables to determine its end of period adjustment for bad debts....
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A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year, management estimated that $33,000 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $950. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Accounts Receivable Allowance for Doubtful Accounts Bad Debts Expense Allowance for Doubtful Accounts Bad Debts Expense Allowance for Doubtful Accounts Accounts Receivable Bad Debts Expense Sales Bad Debts Expense Allowance for Doubtful Accounts 33,950 33,950 32,050 33,000 950 33,000 33,950 33,950 32,050 33,950 33,000 A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year, management estimated that $33,000 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $950. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Accounts Receivable Allowance for Doubtful Accounts Bad Debts Expense Allowance for Doubtful Accounts Bad Debts Expense Allowance for Doubtful Accounts Accounts Receivable Bad Debts Expense Sales Bad Debts Expense Allowance for Doubtful Accounts 33,950 33,950 32,050 33,000 950 33,000 33,950 33,950 32,050 33,950 33,000
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Answer rating: 100% (QA)
The correct option is b debit bad debt Expense 45935 and credit ... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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