220 213 Chapter 8 The following information is taken from the 2021 annual report to...
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220 213 Chapter 8 The following information is taken from the 2021 annual report to shareholders of Hewlett-Packard (HP) Co. Provision for doubtful accounts For Fiscal 2021 $ 46 million For Fiscal 2020 $25 million Accounts receivable, net Accounts receivable, gross At Fiscal Year-end 2021 13,363 million 13,552 million At Fiscal Year-end 2020 13,832 million 14,064 million 1) What is the balance in HP's allowance for doubtful accounts at the end of the fiscal years 2021 and 2020, respectively? 2) What kind of account is the provision for doubtful accounts in HP's financial statements? 3) Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2021. 4) For each posted entry in the allowance account during 2021, prepare the journal entry. 5 Page
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