At December 31, Aprill Showers Company reports the following results for its calendar year Cash sales...

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At December 31, Aprill Showers Company reports the following results for its calendar year Cash sales Credit sales $1,696,150 $3,135,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $949,905 debit $ 28,140 debit Allowance for doubtful accounts Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. (Hint: total sales = cash sales credit sales) c. An analysis estimates that 6% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). (Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 Bad debts are estimated to be 3% of credit sales. Note: Enter debits before credits. Transaction General Journal Credit a. View general journal Clear entry Record entry Debit At December 31, Aprill Showers Company reports the following results for its calendar year Cash sales Credit sales $1,696,150 $3,135,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $949,905 debit $ 28,140 debit Allowance for doubtful accounts Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. (Hint: total sales = cash sales credit sales) c. An analysis estimates that 6% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). (Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 Bad debts are estimated to be 3% of credit sales. Note: Enter debits before credits. Transaction General Journal Credit a. View general journal Clear entry Record entry Debit

Answer rating: 100% (QA)

Solution no Transaction General Journal Debit Credit 1 a ... View the full answer