Need accounting help with journal entries and gross accounts

Dec 17th, 2015
Anonymous
Category:
Accounting
Price: $10 USD

Question description

A trial balance before adjustment included the following:

 DebitCredit
Accounts receivable $156,000 
Allowance for doubtful accounts  1,160
Sales  $444,000
Sales returns and allowances 8,200 

Give journal entries assuming that the estimate of uncollectibles is determined by taking

(1) 6% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)


(2) 2% of net sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)


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