Prepare the Journal Entry for the given information: Re-estimate that the furniture is expected to have only
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Question:
Prepare the Journal Entry for the given information:
Re-estimate that the furniture is expected to have only a 4 year total UL , with no salvage value.
Physical count shows 4% of all discs are missing or useless (current replacement cost is $25 if Flower Co. were to buy)
Estimate 5% accounts receivable are uncollectible & income tax rate is 30%. Year end CS MV = $20
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Answer rating: 100% (QA)
Journal Entry Debit Credit Accumulated Depreciation Furniture 20000 Allowance for Doubtful Accounts ... View the full answer
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