Want Answer please The post-closing trial balance of Bendit Traders on 29 February 2016 included the followingbalances:$Bank (CR balance) 60,000Debtors control 80,000Creditors control 100,000Accrued expenses 14,000Petty cash 2,000Accrued income6,000Income received in advance 4,000Prepaid expenses8,000Current portion of long-term borrowings 40,000The current liabilities of Bendit Traders on 29 February 2016 amount to:A. $218,000B. $158,000C. $178,000D. None of the above

To determine the current liabilities of Bendit Traders on 29 February 2016, we need to identify and…

Answered: The post-closing trial balance of…

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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The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
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