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Title: Santagos Industries gathered the following information from its accounting records for the year ... Post by: harra on Sep 20, 2017 Santagos Industries gathered the following information from its accounting records for the year ended December 31, 2013, prior to adjustment:
Net credit sales for the year $730,000 Accounts receivable balance, Dec. 31, 2013 142,000 Allowance for doubtful accounts balance, Dec. 31, 2013 1,850 Dr. Santagos uses the allowance method of accounting for uncollectible accounts and estimates bad-debt expense at 1.5% of net credit sales. Required: a) Prepare the adjusting entry to record bad-debt expense on December 31, 2013. b) Determine the balance in allowance for doubtful accounts after the adjusting entry is prepared. c) Show how the receivables would be reported on the December 31, 2013, balance sheet for Santagos Industries. Title: Re: Santagos Industries gathered the following information from its accounting records for the year ... Post by: Kryzen on Sep 20, 2017 Content hidden
Title: Re: Santagos Industries gathered the following information from its accounting records for the year ... Post by: harra on Dec 31, 2017 Can't believe how you found this in the textbook, great answer.
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