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Question: On January 1, 2013, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,340. During the first 11 months of the year, bad debts expense of $21,621 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2013, was $9,765. (a) What was the total of accounts written off during the first 11 months? (Hint: Make a T-account for the Allowance for Bad Debts account.) (b) As the result of a comprehensive analysis, it is determined that the December 31, 2013, balance of the Allowance for Bad Debts account should be $9,496. Show the adjustment required in the journal entry format.

Question: On January 1, 2013, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,340. During the first 11 months of the year, bad debts expense of $21,621 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2013, was $9,765. (a) What was the total of accounts written off during the first 11 months? (Hint: Make a T-account for the Allowance for Bad Debts account.) (b) As the result of a comprehensive analysis, it is determined that the December 31, 2013, balance of the Allowance for Bad Debts account should be $9,496. Show the adjustment required in the journal entry format.

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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Question: On January 1, 2013, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,340. During the first 11 months of the year, bad debts expense of $21,621 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2013, was $9,765. (a) What was the total of accounts written off during the first 11 months? (Hint: Make a T-account for the Allowance for Bad Debts account.) (b) As the result of a comprehensive analysis, it is determined that the December 31, 2013, balance of the Allowance for Bad Debts account should be $9,496. Show the adjustment required in the journal entry format.
Transcribed Image Text:Question: On January 1, 2013, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,340. During the first 11 months of the year, bad debts expense of $21,621 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2013, was $9,765. (a) What was the total of accounts written off during the first 11 months? (Hint: Make a T-account for the Allowance for Bad Debts account.) (b) As the result of a comprehensive analysis, it is determined that the December 31, 2013, balance of the Allowance for Bad Debts account should be $9,496. Show the adjustment required in the journal entry format.
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