Question: 1 . 1 4 points A company reports year - end balances of $ 9 , 5 0 0 , 0 0 0 (

1.14 points A company reports year-end balances of \$9,500,000(debit) for Accounts Receivable and \$43,000(debit) for the Allowance for Doubtful Accounts. Sales revenue for the year was \(\$ 50,000,000\). Using this information, answer the following independent questions: a. The company estimates that 1 percent of sales will ultimately be uncollectible. (i) Prepare the journal entry to record bad debts for the year. (ii) What is the final balance in the allowance account? b. Would your answer to Part a change if the balance of the allowance account had been \$43,000(credit)? Explain. c. Referring back to the original data, an analysis of outstanding account receivables indicates that \(\$ 600,000\) the accounts will be uncollectible. (i) Prepare the journal entry to record bad debts for the year. (ii) What is the final balance in the allowance account? d. Would your answer to Part c change if the balance in the allowance account had been \(\$ 43,000\)(credit) before the year end adjustment was made? Explain.
1 . 1 4 points A company reports year - end

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