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ACC 291 Week 1 WileyPLUS Assignment

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ACC 291 Week 1 WileyPLUS Assignment

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ACC 291 WileyPLUS Assignment: Week 1 Assignment

Resource: WileyPLUS

Click Assignment: Week 1 Assignment within WileyPLUS to complete the following exercises:

• Exercise 8-4

• Exercise 8-11

• BYP 8-1

• BYP 8-2

• Exercise 8-4

• Answer

• The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $87,000; Credit Sales $820,000; and Sales Returns and Allowances $52,600. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(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 $1,100 balance is uncollectible.

(b) If Allowance for Doubtful Accounts has a credit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable.

Exercise 8-11

Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.

(in millions) 2014 2013

Accounts receivable (gross) $ 3,490 $ 4,420

Accounts receivable (net) 3,335 4,296

Allowance for doubtful accounts 155 124

Sales revenue 35,898 38,861

Total current assets 7,011 7,189

Answer each of the following questions.

ACC 291 Week 1 WileyPLUS Assignment https://uoptutorialstore.com/category/acc-291/ ACC 291 WileyPLUS Assignment: Week 1 Assignment Resource: WileyPLUS Click Assignment: Week 1 Assignment within WileyPLUS to complete the following exercises: &
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