What adjusting entry should be made on the december
On November 19, Hayes Company receives a $22,200, 60-day, 10% note from a customer as payment on his account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year. Do not round intermediate calculations.)
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On November 19, Hayes Company receives a $22,200, 60-day, 10% note from a customer as payment on his account. What adjusting entry should be made on the December 31 year-end?
A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts:
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Upon close scrutiny of the statement of cash flows, Robert concludes that he can get the operating cash flows above $1 million by reclassifying a $60,000, 2-year note payable listed in the financing activities section as "Proceeds from bank loan -
Repare the adjusting entry at December 31, 2010, to record bad debts expense assuming that the aging schedule indicates that $10,800 of accounts receivable will be uncollectible.
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