Use the information for Battle Tank Limited in BE7-10 and assume instead that the unadjusted balance in Allowance for Doubtful Accounts is a debit balance of $3,000. Based on this, prepare the December 31, 2014 journal entry to record the adjustment to Allowance for Doubtful Accounts.
Answer to relevant QuestionsEmil Family Importers sold goods to Acme Decorators for $20,000 on November 1, 2014, accepting Acme's $20,000, six-month, 6% note. (a) Prepare Emil’s; November 1 entry, December 31 annual adjusting entry, and May 1 entry ...On October 1, 2014, Alpha Inc. assigns $2 million of its accounts receivable to Alberta Provincial Bank as collateral for a $1.6-million loan evidenced by a note. The bank's charges are as follows: a finance charge of 4% of ...Jaguar Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. For each item, indicate if it is (a) Added to the balance per bank statement, (b) Deducted from the ...Use the information from BE7-8, assuming Yoshi Corp. uses the net method to account for cash discounts. Prepare the required journal entries for Yoshi Corp. In BE7-8 Yoshi Corp. uses the gross method to record sales made on ...On April 1, 2014, Ibrahim Corporation assigns $400,000 of its accounts receivable to First National Bank as collateral for a $200,000 loan that is due July 1, 2014. The assignment agreement calls for Ibrahim to continue to ...
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