All Corporation's unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable Allowance for...
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All Corporation's unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable Allowance for Doubtful Accounts a. $15,000 b. $36,000 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record? $850,000 15,000 c. $50,100 d. $51,000 38. Which one of the following items would not be considered cash? a. Petty cash. b. Bank deposits. c. Bank savings. d. Credit cards. 39. A debit balance in the Allowance for Doubtful Accounts a. is the normal balance for that account. b. indicates that actual bad debt write-offs have exceeded previous provisions for bad debts. c. indicates that actual bad debt write-offs have been less than what was estimated. d. cannot occur if the percentage of sales method of estimating bad debts is used. All Corporation's unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable Allowance for Doubtful Accounts a. $15,000 b. $36,000 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record? $850,000 15,000 c. $50,100 d. $51,000 38. Which one of the following items would not be considered cash? a. Petty cash. b. Bank deposits. c. Bank savings. d. Credit cards. 39. A debit balance in the Allowance for Doubtful Accounts a. is the normal balance for that account. b. indicates that actual bad debt write-offs have exceeded previous provisions for bad debts. c. indicates that actual bad debt write-offs have been less than what was estimated. d. cannot occur if the percentage of sales method of estimating bad debts is used.
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Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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