During year 1, kylie department store had total sales of $3,000,000, of which 60%were on credit. during the year, $1,000,000 cash was collected on credit sales. thebeginning balance in accounts receivable (on january 1 of year 1) was $165,000.the beginning balance in the allowance for bad debts (on january 1 of year 1) was$20,000. the amount of accounts written off as uncollectible during the year was$27,000.8. management uses the percentage of sales method and estimates that 4% ofcredit sales will ultimately be uncollectible. which one of the following isincluded in the journal entry necessary at the end of the year to record baddebt expense for the year? a. debit to bad debt expense for $72,000.b. debit to allowance for bad debts for $72,000.c. debit to accounts receivable for $72,000.d. credit to bad debt expense for $72,000.e. credit to cash for $72,000.f. credit to accounts receivable for $72,000.
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Capital financial corporation will lend 90 percent against account balances that have averaged 30 days or less; 80 percent for account balances between 31 and 40 days; and 70 percent for account balances between 41 and 45 days. customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan. the current prime rate is 16.50 percent, and capital charges 3.50 percent over prime to charming as its annual loan rate. a. determine the maximum loan for which charming paper company could qualify.
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During year 1, kylie department store had total sales of $3,000,000, of which 60%were on credit. dur...
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