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ACC 291 Week 1 WilyePlus

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ACC 291 Week 1 WilyePlus Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: Exercise 8-4 Exercise 8-11 BYP 8-1 BYP 8-2 Question 1 Your answer is correct. The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $83,000; Credit Sales $815,000; and Sales Returns and Allowances $55,400. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,200 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $950 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 12% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $800 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable. Question 2 Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company Question 3 Your answer is correct. The financial statements of Tootsie Roll are presented below Question 4 Your answer is correct. The financial statements of The Hershey Company and Tootsie Roll are presented below

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