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A trial balance before adjustment included the following: Debit Credit Accounts receivable $128,000 Allowance for doubtful accounts 670 Sales $342,000 Sales returns and allowances 8,200 Give journal entries assuming that the estimate of uncollectibles is determined by taking (Credit account titles are automatically indented when the amount is entered.) (1) 6% of gross accounts receivable (2) 1% of net sales.

A trial balance before adjustment included the following: Debit Credit Accounts receivable $128,000 Allowance for doubtful accounts 670 Sales $342,000 Sales returns and allowances 8,200 Give journal entries assuming that the estimate of uncollectibles is determined by taking (Credit account titles are automatically indented when the amount is entered.) (1) 6% of gross accounts receivable (2) 1% of net sales.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A trial balance before adjustment included the following: Debit Credit Accounts receivable $128,000 Allowance for doubtful accounts 670 Sales $342,000 Sales returns and allowances 8,200 Give journal entries assuming that the estimate of uncollectibles is determined by taking (Credit account titles are automatically indented when the amount is entered.) (1) 6% of gross accounts receivable (2) 1% of net sales.
Transcribed Image Text:A trial balance before adjustment included the following: Debit Credit Accounts receivable $128,000 Allowance for doubtful accounts 670 Sales $342,000 Sales returns and allowances 8,200 Give journal entries assuming that the estimate of uncollectibles is determined by taking (Credit account titles are automatically indented when the amount is entered.) (1) 6% of gross accounts receivable (2) 1% of net sales.
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