At December 31, 2018, Hawke Company reports the following results for its calendar year.
Cash sales $ 1,905,000
Credit sales 5,682,000
In addition, its unadjusted trial balance includes the following items.
Accounts receivable $ 1,270,100 debit
Allowance for doubtful accounts 16,580 debit
Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions
a. Bad debts are estimated to be 1.5% of credit sales.
b. Bad debts are estimated to be 1% of total sales.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales $ 1,905,000 Credit sales 5,682,000 In ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Explain what letters of the 'D. E. C. I. D. E' method stand for
Answers (1)
To fund your dream around-the-world vacation, you plan to save $1,175 per year for the next 15 years starting one year from now. If you can earn an interest rate of 5.53 percent, how much will you have saved for your vacation
Answers (1)
How much money do people usually make when retiring
Answers (1)
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.
Answers (1)
A possible drawback when buying an existing business is that:
Answers (1)
New Questions in Business
Has the company you're auditing recently increased or decreased their operations due to mergers or sales of parts of the business?
Answers (1)
Tom lives in an apartment where he pays $8,000 a year in rent. Sarah lives in a house that could be rented for $10,000 a year. How much do these housing services contribute to GDP?
Answers (1)
What happens to the percentage of tax as the income that is taxed?
Answers (1)
he terms of a percentage lease state that rent is 4% of sales up to $100,000 and 2.5% of sales over $100,000. Your business plan projects monthly sales to average $270,000 per month. There is a $250 per month maintenance fee.
Answers (1)
When ann taylor, a well-known retailer of sophisticated women's clothing, started losing sales to its own loft outlets that feature moderately priced casual clothes, ann taylor was dealing with the marketing phenomenon known as _?
Answers (1)