Prepare Journal Entries for the Following Independent Situations

question 56

Essay

Prepare journal entries for the following independent situations.
a)The allowance for doubtful accounts has a $525 debit balance prior to adjustment. An aging schedule prepared on December 31 reveals uncollectible accounts of $7,600.
b)The allowance for doubtful accounts has a $500 credit balance prior to adjustment. An aging schedule prepared on December 31 reveals uncollectible accounts of $7,800.
c)The allowance for doubtful accounts has a $700 credit balance prior to adjustment. Net credit sales during the year are $260,000 and 4% are estimated to be uncollectible.
d)The allowance for doubtful accounts has a $800 credit balance prior to adjustment. Net credit sales during the year are $270,000 and 3.5% are estimated to be uncollectible receivable.

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