An investor in the 32% tax bracket is considering two investment options of equal risk: a corporate bond that yields 8.25% and a
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Based on the information give the estimated balance of the allowance for doubtful accounts is $25,650.
a. Estimated allowance for doubtful accounts
Estimated allowance for doubtful accounts =$570,000×4.5%
Estimated allowance for doubtful accounts =$25,650
b. Adjusting journal entry
Dec 31
Debit Bad debt expense $13,650
($25,650-$12,000)
Credit Allowance for doubtful accounts $13,650
(To record bad debts expense)
c. Adjusting journal entry
Dec 31
Debit Bad debt expense $26,650
($25,650+$1,000)
Credit Allowance for doubtful accounts $26,650
(To record bad debts expense )
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