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The trial balance before adjustment of Reba McIntyre Inc. shows the following balances

The trial balance before adjustment of Reba McIntyre Inc. shows the following balances
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Solution Guide / Answer Key:

ACCOUNTING

E7-9 (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Reba McIntyre Inc. shows the following balances.

Accounts Rec. $90,000 (DR.)
Allowance for Doubtful Accounts 1,750 (DR.)
Sales (all on credit) $680,000 (CR.)

Instructions: Given the entry for estimated bad debts assuming that the allowances is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 1% of net sales.

 

FILE: MS WORD

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