[The following information applies to the questions displayed below.] At December 31, Hawke Company reports the...

Transcribed Image Text:

[The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 80,000 Credit sales $ 200,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 108,000 debit $ 1,100 debit 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. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet A Bad debts are estimated to be 3% of credit sales. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Bad debts expense Allowance for doubtful accounts tion applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 80,000 Credit sales $ 200,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts Required: $ 108,000 debit $ 1,100 debit 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. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet B Bad debts are estimated to be 2% of total sales. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Bad debts expense Allowance for doubtful accounts Saved [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 80,000 $ 200,000 In addition, its unadjusted trial balance includes the following items Accounts receivable Allowance for doubtful accounts $ 108,000 debit $ 1,100 debit 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. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet C An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Bad debts expense Allowance for doubtful accounts [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 80,000 Credit sales $ 200,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 108,000 debit $ 1,100 debit 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. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet A Bad debts are estimated to be 3% of credit sales. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Bad debts expense Allowance for doubtful accounts tion applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 80,000 Credit sales $ 200,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts Required: $ 108,000 debit $ 1,100 debit 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. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet B Bad debts are estimated to be 2% of total sales. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Bad debts expense Allowance for doubtful accounts Saved [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 80,000 $ 200,000 In addition, its unadjusted trial balance includes the following items Accounts receivable Allowance for doubtful accounts $ 108,000 debit $ 1,100 debit 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. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet C An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Bad debts expense Allowance for doubtful accounts