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View Policies Current Attempt in Progress The ledger of Sage Hill Inc at the end...

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Accounting

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View Policies Current Attempt in Progress The ledger of Sage Hill Inc at the end of the current year shows Accounts Receivable $82,000; Credit Sales $815.000; and Sales Returns and Allowances $45,000. (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $850 balance is uncollectible. (6) If Allowance for Doubtful Accounts has a credit balance of $1,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. c Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) Dec 31 (b) Dec. 31 (c) Dec. 31

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