[Solved] The custodian of a $570 petty cash fund d | SolutionInn (2024)

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The custodian of a $570 petty cash fund discovers that the fund has $102.50 in coins andcurrency plus $454.50 in receipts at the end of the month. The entry to replenish the pettycash fund will include: Craigmont uses the allowance method to account for uncollectible accounts. Its year-endunadjusted trial balance shows Accounts Receivable of $120,500 and sales of $1,005,000.If uncollectible accounts are estimated to be 0.8% of sales, what is the amount of the baddebts expense adjusting entry? The custodian of a $570 petty cash fund discovers that the fund has $102.50 in coins andcurrency plus $454.50 in receipts at the end of the month. The entry to replenish the pettycash fund will include: Craigmont uses the allowance method to account for uncollectible accounts. Its year-endunadjusted trial balance shows Accounts Receivable of $120,500 and sales of $1,005,000.If uncollectible accounts are estimated to be 0.8% of sales, what is the amount of the baddebts expense adjusting entry?

A a A debit to Petty Cash for 102 50 b A debit to Accounts Rece ivable for 454 50 c A credit to C... View the full answer