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[c] Based on the information you have, develop an estimate of the
account balance for the allowance for bad debts and compare your
expectation to the client’s estimate summarized in Schedule B for the
allowance for bad debts. Does the amount you estimated agree with the
client’s estimate in Schedule B? If it does not agree, by how much does
it differ and is that difference material?
[d] Determine the adjusting journal entry(ies) needed, if any, to adjust
management’s estimate of the reserve to your audited estimate and post
your entries in the Adjustments column in Schedule A.
[e] Based on your reading of the professional standards in requirement 1
above, what additional procedures would you need to perform to
conclude on the adequacy of the allowance for bad debt?
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ACC 546 Case 10.4 and 10.5 Southeast Shoe Distributor Inc
(Score 100%)
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Week 5 Team Assignment Case 10.4 and 10.5 Southeast Shoe
Distributor, Inc.