1. Before adjustments, Acme Company had the following balances on December 31, 2008: Accounts Receivable... Allowance...

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1. Before adjustments, Acme Company had the following balances on December 31, 2008: Accounts Receivable... Allowance for Doubtful Accounts. Net Sales ... $65,000 3,000 credit 550,000 Prepare the journal entry to record the estimated uncollectible accounts assuming: Acme uses the percentage of sales basis, and estimates that 1% of net sales will be uncollectible. a. Acme uses the percentage of receivables basis. An aging of the accounts receivable estimated the net realizable value of the receivables to be $57,800. b. 2. On March 5, 2009 Acme decided that the $500 receivable from a customer, Baker Company, was uncollectible. Prepare the journal entry to write-off the account. 1. Before adjustments, Acme Company had the following balances on December 31, 2008: Accounts Receivable... Allowance for Doubtful Accounts. Net Sales ... $65,000 3,000 credit 550,000 Prepare the journal entry to record the estimated uncollectible accounts assuming: Acme uses the percentage of sales basis, and estimates that 1% of net sales will be uncollectible. a. Acme uses the percentage of receivables basis. An aging of the accounts receivable estimated the net realizable value of the receivables to be $57,800. b. 2. On March 5, 2009 Acme decided that the $500 receivable from a customer, Baker Company, was uncollectible. Prepare the journal entry to write-off the account.

Answer rating: 100% (QA)

1 Accounts receivable 65000 Allowance for doubtful accounts unadjusted 300... View the full answer