Required Information [The following information applies to the questions displayed below.] At December 31, Hawke...
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Required Information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,231,360 $3,585,000 In addition, Its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,086,255 debit $ 16,150 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. View transaction list Journal entry worksheet
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