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satela [25.4K]
3 years ago
14

Craigmont uses the allowance method to account for uncollectible accounts. its year-end unadjusted trial balance shows accounts

receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. if uncollectible accounts are estimated to be 4% of accounts receivable, what is the amount of the bad debts expense adjusting entry?
Business
1 answer:
marshall27 [118]3 years ago
3 0
<span>$104,500 * 0.04 = $4,180 - $665 = $3,515</span>
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<em>Being transfer of costs from Molding to Grinding Department</em>

<em />

Work In Process : Molding Department $ 128,000  (debit)

Work In Process : Grinding Department $ 128,000 (credit)

<em>Being transfer of costs from Grinding to Molding Department</em>

<em />

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<u>Finishing Department Costs Calculation</u>

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