Business, 21.09.2021 23:20 schnefai000

Required information Problem 7-2A Estimating and reporting bad debts LO P2, P3 Skip to question [The following information applies to the questions displayed below.] At December 31, 2017, Hawke Company reports the following results for its calendar year. Cash sales $ 2,182,420 Credit sales 3,910,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 1,184,730 debit Allowance for doubtful accounts 15,310 debit To recognize bad debts under each of the following independent assumptions. Bad debts are estimated to be 3% of credit sales. Bad debts are estimated to be 2% of total sales. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. rev: 06_11_2020_QC_CS-216062 Problem 7-2A Part 1 Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. Bad debts are estimated to be 3% of credit sales. Bad debts are estimated to be 2% of total sales. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible.

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Required information Problem 7-2A Estimating and reporting bad debts LO P2, P3 Skip to question [The...

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