Question
1. Manning Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $250,000 and credit sales are
1. Manning Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $250,000 and credit sales are $1,000,000. Management estimates that 2% is the sales percentage to use. What adjusting entry will Manning Company make to record the bad debts expense?
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Construction accounting and financial management
Authors: Steven j. Peterson
2nd Edition
135017114, 978-0135017111
