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Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 Skip to question ...

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Accounting

Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3

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[The following information applies to the questions displayed below.]

At December 31, Hawke Company reports the following results for its calendar year.

Cash sales $ 560,000
Credit sales $ 1,400,000

In addition, its unadjusted trial balance includes the following items.

Accounts receivable $ 756,000 debit
Allowance for doubtful accounts $ 7,600 debit

Problem 7-2A (Algo) Part 3

3. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.

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