Business, 04.11.2021 20:40 kyleeb00

At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 920,000
Credit sales 320,000
Its year-end unadjusted trial balance includes the following items.
Accounts receivable $ 145,000 debit
Allowance for doubtful accounts 7,000 debit
a. Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be
(1) 3% of credit sales, (2) 1% of total sales and (3) 6% of year-end accounts receivable.
b. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 0.5% of total sales.
c. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 6% of year-end accounts receivable.

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At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash s...

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