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Business, 24.03.2020 20:04 carlosbs71
Sunland Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $435,700 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,653. (a)Prepare the adjusting journal entry to record bad debt expense for the year. (b)If the allowance for doubtful accounts had a debit balance of $827 instead of a credit balance of $2,653, prepare the adjusting journal entry for bad debt expense.
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Sunland Company uses the percentage-of-receivables basis to record bad debt expense and concludes th...
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