Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
3 Cards in this Set
- Front
- Back
|
ACC 291 Final Exam Solution |
ACC 291 Final Exam Solution1) Hahn Company uses the percentageof sales method for recording bad debts expense. For the year, cash sales are$300,000 and credit sales are $1,200,000. Management estimates that 1% is thesales percentage to use. What adjusting entry will Hahn Company make to recordthe bad debts expense?2) Using the percentage ofreceivables method for recording bad debts expense, estimated uncollectibleaccounts are $15,000. If the balance of the Allowance for Doubtful Accounts is$3,000 credit before adjustment, what is the amount of bad debts expense forthat period?o |
|
|
ACC 291 Final Exam Solution1) Hahn Company uses the percentageof sales method for recording bad debts expense. For the year, cash sales are$300,000 and credit sales are $1,200,000. Management estimates that 1% is thesales percentage to use. What adjusting entry will Hahn Company make to recordthe bad debts expense?2) Using the percentage ofreceivables method for recording bad debts expense, estimated uncollectibleaccounts are $15,000. If the balance of the Allowance for Doubtful Accounts is$3,000 credit before adjustment, what is the amount of bad debts expense forthat period?o |
ACC 291 Final Exam Solution |
|
|
ACC 291 Final Exam Solution |
ACC 291 Final Exam Solution1) Hahn Company uses the percentageof sales method for recording bad debts expense. For the year, cash sales are$300,000 and credit sales are $1,200,000. Management estimates that 1% is thesales percentage to use. What adjusting entry will Hahn Company make to recordthe bad debts expense?2) Using the percentage ofreceivables method for recording bad debts expense, estimated uncollectibleaccounts are $15,000. If the balance of the Allowance for Doubtful Accounts is$3,000 credit before adjustment, what is the amount of bad debts expense forthat period?o |
