The following data are available for 2014:
|
Sales, cash Don't use plagiarized sources. Get Your Custom Essay on
the journal entry to record bad debt expense for the period and to adjust the allowa 610310
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|
$200,000 |
|
Sales, credit |
500,000 |
|
Accounts Receivable, January 1 |
80,000 |
|
Accounts Receivable, December 31 |
72,000 |
|
Allowance for Doubtful Accounts, January 1 |
4,000 |
|
Accounts written off during 2014 |
4,600 |
The journal entry to record bad debt expense for the period and to adjust the allowance account is to be based on an estimate of 1% of credit sales. The entry to record the uncollectible accounts expense for 2014 would include a debit to the Bad Debt Expense account for:
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