Prepare journal entries to record the above selected credit card transactions of Levine Company.
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Exercise 9-3 Direct write-off method LO P1
Dexter Company applies the direct write-off method in accounting for uncollectible accounts.
March
11
Dexter determines that it cannot collect $45,000 of its accounts receivable from its customer Lester Company.
29
Lester Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt.
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Prepare journal entries to record the above selected transactions of Dexter.
Exercise 9-4 Percent of sales method; write-off LO P2
At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $975,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off.
Prepare the journal entries of Chan to record these transactions and events of December 31, February 1, and June 5.
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You will complete an order form on our website application with your assignment instructions; filling in all of the sections with as much detail as possible.
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You and your writer communicate directly during the process, and, once you receive the final draft, you can either approve it or ask for free revisions until the paper meets your gradinng criteria standards.
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We want to know how your experience from the quality of the written paper and the deadline. You can always leave clients’ testimonials upon approving the paper, and recommend the best writer for future assistance with your assignments