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Prepare a partial balance sheet for the Meredith Company at December 31, 2014, from the fo

Prepare a partial balance sheet for the Meredith Company at December 31, 2014, from the following information:

 

Cash$10,000

Accounts Receivable6,000

Bad Debts Expense 1,400

Merchandise Inventory1,800

Allowance for Doubtful Accts.200

 

Use the account code numbers to identify how the following transactions would be journalized.

[1] for cash

[2] for accounts receivable

[3] for allowance for doubtful accounts

[4] for bad debts expense

[5] for bad debts recovered

 

34) Adjusted for the estimated bad debts using the percentage of receivables.

Debit account ________________  Credit account ________________

35) Collected a partial payment from a bad debt under the allowance method. The account had been reinstated.

Debit account ________________  Credit account ________________

 

36) Wrote off an account using the allowance method.

Debit account ________________  Credit account ________________

 

 

 

37) Reinstated an account previously written off under the allowance method.

Debit account ________________  Credit account ________________

 

38) Collected from a customer previously written off under the direct write off method.

Debit account ________________  Credit account ________________

Dec 06 2019 Read more Less More

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