ACC 291 Final Exam
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1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense?
A. 
Bad Debts Expense ................ ................ $15,000 
Allowances for Doubtful Accounts ................ ................ $15,000
 
B. 
Bad Debts Expense ................ ................ $12,000 ...
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1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense?
A. 
Bad Debts Expense ................ ................ $15,000 
Allowances for Doubtful Accounts ................ ................ $15,000
 
B. 
Bad Debts Expense ................ ................ $12,000 ...
ACC 291 Final Exam
An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a

 
 	credit to Allowance for Doubtful Accounts for $4,500.
 	debit to Bad Debt Expense for $4,500.
 	debit to Allowance for Doubtful Accounts for $3,300.
 	debit to Bad Debt Expense for $3,300.
The financial statements of the Melton Manufacturing Comp...
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ACC 291 Final Exam•ACC 291 Final Exam
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ACC 291 Final Exam
An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a

 
 	credit to Allowance for Doubtful Accounts for $4,500.
 	debit to Bad Debt Expense for $4,500.
 	debit to Allowance for Doubtful Accounts for $3,300.
 	debit to Bad Debt Expense for $3,300.
The financial statements of the Melton Manufacturing Comp...