Feedback Check My Work Add the accounts into the aging schedule based on their number...
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Add the accounts into the aging schedule based on their number of days past due.
Apply the respective uncollectible percentage to the total receivables in each days past due group and the not past due group. adjustment for uncollectible accounts. If an amount box does not require an entry, leave it blank.
Dec.
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The amount of bad debt expense is affected by the balance in the allowance account.
Assume that the adjusting entry in was inadvertently omitted, how would the omission affect the balance sheet and income statement?
On the balance sheet, assets would be by X because the allowance for doubtful accounts would be by
$
In addition, the stockholders' equity retained earnings would be by $ because bad debt expense would be
understated
and net income by $ X on the income statement.
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