The September 30, 2023, balance sheet of Kroenke Products reported the following: During the last quarter of

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The September 30, 2023, balance sheet of Kroenke Products reported the following:image


During the last quarter of 2023, Kroenke Products completed the following selected transactions:image


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Required


1. Record the transactions in the general journal.


2. Open the Allowance for Doubtful Accounts three-column ledger account and post entries affecting that account. Keep a running balance.


3. Most companies report 2-year comparative financial statements. If Kroenke Products’ Accounts Receivable balance was $320,000 and the Allowance for Doubtful Accounts stood at $12,000 at December 31, 2022, show how the company will report its Accounts Receivable in a comparative balance sheet for 2023 and 2022.


4. Suppose, on December 31, the bad debt expense was based on an estimate of 4 percent of the accounts receivable balance rather than on the aging of accounts receivable. Record the December 31, 2023, entry for bad debt expense in the general journal.

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Related Book For  book-img-for-question

Horngrens Accounting Volume 1

ISBN: 9780136889373

12th Canadian Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

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