Business, 12.10.2020 22:01 isamilo520

Recording estimates of future discounts LO P6 ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,800. Of the $10,800 of receivables, $2,400 are within a 3% discount period, meaning that it expects buyers to take $72 in future discounts arising from this period’s sales.
A. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts.
B. Assume the same facts above and that there is a $10 fiscal-year-end unadjusted credit balance in the Allowance for Sales Discounts.

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Recording estimates of future discounts LO P6 ProBuilder has the following June 30 fiscal-year-end u...

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