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AJE 28: To write off Ballard, Lisle, and Abernathy receivables as
bad debts:
Debit Credit
Bad debts $126,012
N/R Claude Ballard $84,889
N/R R. Lisle 12,185
N/R H. Abernathy 28,939
IRA computed the loss on sale of notes receivable from Int'l
Films sold to MAF:
Sold to MAF ADJ 09 $507,608
Assets from Int'l Films ADJ 12 (162,721)
SL N/R $1 not $10 AJE 23 90
Loss on return 344,887
IRA computed the money loss on sale of 1984 Development as
follows:
Sold to MAF ADJ 11 $31,854
Assets form Int'l Films ADJ 12 (8,992)
Loss on return 22,862
The adjusting journal entries and losses reported on IRA's
return are summarized in the following chart:
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