The accounts of Quickly Company provided the following 20X4 information at 31 December: Accounts receivable...
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Accounting
The accounts of Quickly Company provided the following 20X4 information at 31 December: Accounts receivable balance $680,000(dr.) Allowance for sales discounts 6,300 (cr.) Allowance for doubtful accounts 48,000 (cr.) The sales discounts expected to be taken in 20x5 are 2,300 and aging schedule shows that the allowance for doubtful accounts should be $74,600. Required: Prepare journal entries to adjust the sales discount allowances. What is the debit for the sales discount adjusting entry? Choose... What is the credit for the sales discount adjusting entry? Choose... Allowance for Sales Discounts 4,000 Sales Discounts 4,000 Sales Discount 6,900 Allowance for Sales Discounts 6,900 page
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