At December 31, 2024, Sheridan Industries reports the following selected accounts from the unadjusted trial balance...
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At December 31, 2024, Sheridan Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Account Accounts payable Accounts receivable Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Unearned revenue Debit $770,000 44,000 1,925,000 1,250 357,500 49,500 8,800 110,000 55,000 Credit $385,000 2,475 3,113,000 27,500 Prepare the journal entry to record the bad debt expense on December 31, 2024, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before At December 31, 2024, Sheridan Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations: Account Accounts payable Accounts receivable Cash Cost of goods sold Interest receivable Interest revenue Merchandise inventory Notes receivable, due April 10, 2025 Prepaid insurance Sales Sales returns and allowances Short-term investments Unearned revenue Debit $770,000 44,000 1,925,000 1,250 357,500 49,500 8,800 110,000 55,000 Credit $385,000 2,475 3,113,000 27,500 Prepare the journal entry to record the bad debt expense on December 31, 2024, assuming the credit manager estimates that 4% of the accounts receivable will become uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before
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Calculate the total accounts receivable 770000 Determine the est... View the full answer
Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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