the allowance for doubtful accounts at the amount indicated by the
year-end aging analysis of accounts receivable.
Prepare a schedule analyzing the changes in Allowance for Doubtful
Accounts for the year ended December 31, 2014. Show supporting
computations in good form. (Hint: In computing the 12/31/14
allowance, subtract the $60,000 write-off.)
Prepare the journal entry for the year-end adjustment to Allowance
for Doubtful Accounts balance as of December 31, 2014.
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ACC 537 Week 2 Textbook Problems P10-2 Lobo
Corporation (Team Paper and Solution)
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P10-2 (Classification of Acquisition Costs) Selected accounts
included in the property, plant, and equipment section of Lobo
Corporation%u2019s balance sheet at December 31, 2013, had the
following balances.
Land $ 300,000
Land improvements 140,000
Buildings 1,100,000
Equipment 960,000
During 2014, the following transactions occurred.
1. A tract of land was acquired for $150,000 as a potential future
building site.