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2 years ago

Prepare the adjusting entry to record bad debts under each separate assumption.

1 answer:

3 0

The preparation of the adjusting entries to record bad debts for Hawke Company under each separate assumption are as follows:

A) Bad Debts $169,790 Allowance for Doubtful Accounts $169,790

B) Bad Debts $189,173 Allowance for Doubtful Accounts $189,173

C) Bad Debts $102,935 Allowance for Doubtful Accounts $102,935

<h3>Data and Calculations:</h3>

A) Allowance for doubtful accounts = $142,320 ($3,558,000 x 4%)

Bad Debts Expense = $169,790 ($142,320 + $27,470)

B) Allowance for doubtful accounts = $161,703 ($3,558,000+ $1,832,100 x 3%)

Bad Debts Expense = $189,173 ($161,703 + $27,470)

C) Allowance for doubtful accounts = $75,465 ($1,078,074 x 7%)

Bad Debts Expense = $102,935 ($75,465 + $27,470)

<h3>Question Completion:</h3>

On December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales

$1,832 100 $3,558,000

In addition, its unadjusted trial balance includes the following items. Accounts receivable $1.078.074 debit

Allowance for doubtful accounts $27,470 debit.

Learn more about allowances for doubtful accounts at brainly.com/question/26498002

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Answer:

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Answer and Explanation:

The journal entries are shown below"

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Answer:

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Bonds Payable has a balance of $1,000,000 and Discount on Bonds Payable has a balance of $15,500. If the issuing corporation red

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Answer:

Loss on Redemption = $500

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Par value of Bonds $1,000,000

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