JKL Company completes an aging schedule of its Accounts Receivable inorder to determine the year-end...
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JKL Company completes an aging schedule of its Accounts Receivable inorder to determine the year-end adjustment for bad debts expense. At the endof 2022, management estimates from the aging schedule that $14,750 of theAccounts Receivable balance will be uncollectible. The Allowance forDoubtful Accounts account has a debit balance (before adjustment) of $175. What adjusting journal entry should JKL make on December 31, 2022 to recordbad debts expense?
On March 5, 2022, MNO Company accepted a $3,000, 2-month, 10%note in granting a time extension on the past-due Accounts Receivable ofVasilika Dhami. On May 5, 2022, Vasilika Dhami paid the maturity value of her$3,000 note. What is the journal entry made by MNO Company torecord the payment of the note? (All interest is paid at maturity).
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