At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales...
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At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales Credit sales $920,000 320,000 Its year-end unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $145,000 debit 7,000 debit Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be ) 3% of credit sales. (2) 1% of total sales and (3) 6% of year-end accounts receivable At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales Credit sales $920,000 320,000 Its year-end unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $145,000 debit 7,000 debit Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be ) 3% of credit sales. (2) 1% of total sales and (3) 6% of year-end accounts receivable
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1 13 of Credit Sales Bad Debts Expense Credit Sales 13 Bad Debts Expense 320000 033 1056 ... View the full answer
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