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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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<h3>Who can enforce this contract?</h3>

This transaction between Becca and ActioNOW was an oral contract which means that it falls under the Statute of Frauds. However, for an oral contract to be enforceable under this Statute, the goods or services exchanged have to be less then $500 in value.

The services or goods also have to be less than 1 year in duration. Because Becca and ActioNow agreed for a contract of 18 months which is more than a year, this contract is not enforceable under the Statute of Frauds and so the government cannot enforce this contract.

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Which of the following is NOT one of the mentioned ways high school differs from higher learning?

Digiron [165]

Hey there!

<span>Which of the following is NOT one of the mentioned ways high school differs from higher learning?

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