MAKE THE REQUIRED ENTRIES 5,000,000 2 A/R BALANCE @12/31/2008 RESERVE FOR BAD DEBT IS 1% OF THE ENDING A/R BALANCE TO SET UP THE RESERVE FOR EACH CASE CASE 1 0 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008 t CASE 2 40,000 CREDIT ALLOW FOR DOUBTFUL ACCTS BAL @12/31/2008 10,000 DEBIT CASE 3 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008

MAKE THE REQUIRED ENTRIES 5,000,000 2 A/R BALANCE @12/31/2008 RESERVE FOR BAD DEBT IS 1% OF THE ENDING A/R BALANCE TO SET UP THE RESERVE FOR EACH CASE CASE 1 0 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008 t CASE 2 40,000 CREDIT ALLOW FOR DOUBTFUL ACCTS BAL @12/31/2008 10,000 DEBIT CASE 3 ALLOW FOR DOUBTFUL ACCTS BAL @ 12/31/2008

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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