ACC 291 Week 2 Individual WileyPLUS Assignment Exercise E8 3 , BE9 13, 9 4 , E9 9 , E9 10, Problem 9 5A

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ACC 291 Week 2 Individual Wilayplus

Exercise E8-3

The ledger of Hixson Company at the end of the current year shows Accounts Receivable 120,000, Sales 840,000, and Sales Returns and Allowances 30,000.

Correct.

If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell's 1,400 balance is uncollectible. Date Account/Description Debit Credit Dec. 31

Correct.

If Allowance for Doubtful Accounts has a credit balance of 2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable. Date Account/Description Debit Credit (1) Dec. 31

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