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 . Question 4 1 / 1 pts At the beginning of the year, Tropicana...

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 . Question 4 1 / 1 pts At the beginning of the year, Tropicana...

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Question 2 1 / 1 pts Target's inventory account at year-end has an ending balance of $3,500,000. The physical count reveals that only $3,250,000 of inventory exists. What adjusting entry should Target record to reconcile ending inventory to the physical count? O DR: COGS $250,000; CR: Inventory $250,000 O DR: Bad Debt Expense $250,000; CR: Allowance for Bad Debts $250,000 No adjusting entry needed DR: Inventory $250,000; CR: Loss $250,000...
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Question 3 1 / 1 PtS Why is the Direct Write—off Method not GAAP? It violates the Matching Principle It violates both the Matching and Conservatism Principals It is permitted to be used for Tax Basis accounting It violates the Conservatism Principle ...
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Question 4 1 / 1 pts At the beginning of the year, Tropicana Co.'s Allowance for Bad Debts had a beginning balance of $1,000. On 9/1 Lucy Richardson called to say she would not be able to pay her invoice of $500. At 12/31, Tropicana concluded that 10% of its' Accounts Receivable (ending balance, $35,000) would be uncollectible. What journal entry should Tropicana record on 9/1? DR: Bad Debt Expense $500; CR: Allowance for Bad Debts $500 O DR: Bad Debt Expense $500; CR: A/R - Lucy Richardson $500 O DR: Allowance for Bad Debts $500; CR: A/R - Lucy Richardson $500 O DR: Allowance for Bad Debts $500; CR: Cash $500...

 

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Answered by mpdonque on coursehero.com
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