Details of this Paper

ACC 281 Week 3 Individual Assignment (A+ Answer Guaranteed)

Description

solution


Question

Week 3 Individual Assignment;University of Phoenix;ACC 281;xxxxxx;xxxx;E9-3;The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.;Instructions;(a) If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell?s $1,400 balance is uncollectible.;Dec;31;Bad Debt Expense;1,400;Account Receivable;(To record uncollectible balance fro Fell);1,400;(b) If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable.;Dec;31;Bad

 

Paper#20663 | Written in 18-Jul-2015

Price : $27
SiteLock