Business, 06.05.2020 06:39 einsigcn3691

Farr Co. elects to use the percentage-of-sales basis in 2017 to record bad debt expense. It estimates that 2% of net credit sales will become uncollectible. Salas revenues are $829,000 for 2017, sales returns and allowances are $56,900, and the allowance for doubtful accounts has a credit balance of $9,000.

Prepare the adjusting entry to record bad debt expenses in 2017.

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Farr Co. elects to use the percentage-of-sales basis in 2017 to record bad debt expense. It estimate...