Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. paper company's total annual sales in 2015 were $1

Paper company's total annual sales in 2015 were $1.5billion. It was determined by the accountant...

50.1K

Verified Solution

Question

Accounting

Paper company's total annual sales in 2015 were $1.5billion. It was determined by the accountant staff that the allowance for doubtful accounts balance at year-end should be 2% of annual sales. Down below is the year-end of accounts receivable and allowance for doubtful accounts (prior to any adjustments):

Balance at year end before adjustments: $320,000,000 (debit) (account receivable), and $8,000,000 (credit) (allowance).

1. Prepare adjusting journal entry to reflect allowance balance necessary at year end.

2. what is the net accounts receivable at year-end?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The Wall Street Journal reported that long term Treasury bonds had a mean return of 24.03%...

Statistics
Q

Please solve this with only transformations (I.E. Translation matrices, Reflection matrices, Rotation matrices. You need to...

Advance Math
Q

((Subject : Marketing )) Assignment Question(s):                                               Learning Outcomes: 1.   Analyze marketing opportunities using environmental scanning market data, measurement, and analysis. 2.   Explain issues...

General Management
Q

Verify the identity.secx-secx sinx = cos xTo verify the identity, start with the more complicated...

Basic Math
Q

A vending machine accepts nickels dimes and quarters Exact change is needed to make a...

Basic Math
Q

limit methods to determine which of the two given functions grows faster or state that...

Calculus
Q

Current Attempt in ProgressAt the beginning of the current period, Shamrock Corp. had...

Accounting
Q

Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used...

Accounting
Q

Lane Company manufactures a single product that requires a great deal of hand labor. Overhead...

Accounting
Q

Uttinger Company has the following data at December 31, 2017 Securitie Cost Fair Value $119,800...

Accounting
Q

2. Factoring (sale) of Accounts Receivable: Santee Co. factored $60,000 of its accounts receivable with...

Accounting
Q

why is retiremnt planning important ?

Finance