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Nonamiya [84]
3 years ago
12

Alvin's Transport has total credit sales for the year of $182,000 and estimates that 3% of its credit sales will be uncollectibl

e. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment:
a. Allowance for Doubtful Accounts has a credit balance of $570.
b. Allowance for Doubtful Accounts has a debit balance of $360
Business
1 answer:
goldfiish [28.3K]3 years ago
4 0

Answer:

S/n      Account Title and Explanation      Debit     Credit

a.         Bad Debt Expense                         $5,460

            ($182,000 sales x 3%)

                   Allowance for Doubtful Accounts       $5,460

           (To record bad debt expense)

b.        Bad Debt Expense                         $5,460

            ($182,000 sales x 3%)

                   Allowance for Doubtful Accounts       $5,460

           (To record bad debt expense)

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