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Ket [755]
3 years ago
12

An aging of a company's accounts receivable indicates that $8,000 are estimated to be uncollectible. If Allowance for Doubtful A

ccounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debts Expense for $8,000. b. debit to Allowance for Doubtful Accounts for $6,900. c. debit to Bad Debts Expense for $6,900. d. credit to Allowance for Doubtful Accounts for $8,000.
Business
1 answer:
joja [24]3 years ago
7 0

Answer:

c. debit to Bad Debts Expense for $6,900.

Explanation:

Allowance for Doubtful Accounts  $1,100 credit balance,

Estimated Un collectibles                $8000 credit

Required Adjustment                    $ 6900 credit

The adjustment to record bad debts for the period will require a

c. debit to Bad Debts Expense for $6,900.

Bad Debt Expense $ 6900 Dr

Allowance for Doubtful Accounts $ 6900 Cr

Alternatively if the allowance account had a debit balance the entry would have been posted adding the two amounts.

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determine purchase authority

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Vince’s Vehicle Repairs has a gross profit margin of 60% and a net profit margin of 22%. Turnover was £180000. Calculate:
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Answer:

Vince's Vehicle Repairs

The Cost of Sales is:

= $72,000.

Explanation:

a) Data and Calculations:

Turnover = $180,000

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Gross profit margin = Gross profit/Turnover * 100

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