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Salalah company’s recent financial statements showed the following information.   Net Sales 250,000 OMR Accounts Receivables 180,000 OMR   The management made two estimates for the uncollectible receivables It can be 4.5 % of net sales or It can be 3.2 % of accounts receivables   Calculate and record journal entries in each case.   If the company had already recognized an allowance amount of 8,000 OMR, make the journal entry. In this question, make the solution only for net sales case

Salalah company’s recent financial statements showed the following information.   Net Sales 250,000 OMR Accounts Receivables 180,000 OMR   The management made two estimates for the uncollectible receivables It can be 4.5 % of net sales or It can be 3.2 % of accounts receivables   Calculate and record journal entries in each case.   If the company had already recognized an allowance amount of 8,000 OMR, make the journal entry. In this question, make the solution only for net sales case

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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Q3:

  1. Salalah company’s recent financial statements showed the following information.

 

Net Sales

250,000 OMR

Accounts Receivables

180,000 OMR

 

The management made two estimates for the uncollectible receivables

  • It can be 4.5 % of net sales or
  • It can be 3.2 % of accounts receivables

 

Calculate and record journal entries in each case.

 

  1. If the company had already recognized an allowance amount of 8,000 OMR, make the journal entry. In this question, make the solution only for net sales case
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