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At the end of the year,31 December 201X,the unadjusted trial balance of Angel

By December 6, 2021No Comments

At the end of the year,31 December 201X,the unadjusted trial balance of AngelCompany included the following accounts:DebitCreditSales (80%represent credit sales)$780.575Accounts Receivable$101.475Allowance for Impairment$1,218(a)(①)If Angel Company uses the Statement of Financial Position Approach toestimate uncollectible accounts,and aging the accounts receivable indicatesthe estimated uncollectible portion to be $6,075,what will the ImpairmentLoss of Receivable for the year be?(ii)Show the adjusting entry at year-end to record the Impairment Loss ofReceivable for the year.DebitCredits(iii)The Accounts Receivable presented in the Angel Company’s Statement ofFinancial Position at 12/31/201X would be:(b)(i)If Angel Company uses income statement approach to estimating theuncollectible accounts,and the estimated uncollectible is to be 1%of net creditsales,what is the amount of the Impairment Loss of Receivable for the year?(Round to integer)(ii)Show the adjusting entry at year-end to record the Impairment Loss ofReceivable for the year.DebitCredit(iii)The Accounts Receivable presented in the Angel Company’s Statement ofFinancial Position at 12/31/201X would be:

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