The ledger of Blossom Company at the end of the current year shows Accounts Receivable...
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The ledger of Blossom Company at the end of the current year shows Accounts Receivable $77,000, Credit Sales $ 817,000, and Sales Returns and Allowances $ 42,600. Prepare journal entries for each separate scenario below. (a) (b) If Blossom Company uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Blossom Company determines that Matisse's $ 500 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $ 1,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 14% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $ 490 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 13% of accounts receivable. ic (Credit account tities are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit ta
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