The ledger of Wainwright Company at the end

The ledger of Wainwright Company at the end

The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $80,000; Credit Sales $997,000; and Sales Returns and Allowances $59,600.(a) If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $970 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable.(c) If Allowance for Doubtful Accounts has a debit balance of $630 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.


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