12, Apex Company's net credit sales for the year were $1,000,000. Historically, 1%...
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12, Apex Company's net credit sales for the year were $1,000,000. Historically, 1% of credit sales were unable to be collected. In addition, the ledger of the Apex Company at the end of the current year shows a balance in Accounts Receivable of $200,000 Instructions (a) If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable. Journalize the adjusting entry for the end of the period. (Show all calculations.) (b) If Allowance for Doubtful Accounts has a debit balance of S3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable. Journalize the adjusting entry for the end of the period. (Show all calculations.) (c) If Allowance for Doubtful Accounts has a debit balance of S3,000 in the trial balance and bad debts are expected to be 1% of net credit sales. Journalize the adjusting entry for the end of the period
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