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2 of 25 View Policles < > Current Attempt In Progress -/4 !!! E An Inexperienced accountant made the following entries. In each case, the
2 of 25 View Policles < > Current Attempt In Progress -/4 !!! E An Inexperienced accountant made the following entries. In each case, the explanation to the entry is correct. Assume that at 12/31, the correct balance of the Allowance account before adjustment is $-0- Dec 17 Cash Sales Discounts Accounts Receivable (To record collection of 12/4 sales of $4,900, terms 2/10, n/30) 27 Cash Bad Debt Expense (Collection of account previously written off as uncollectible under allowance method) 31 Bad Debt Expense Allowance for Doubtful Accounts (To recognize estimated uncollectibles based on 3% of accounts receivable of $650,000) 4,900 98 4,998 1,100 1,100 1,950 1,950 Prepare the correcting entries. Errors were identified at the end of the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation (To correct accounts for granting sales discount when discount period had lapsed) (To reverse write off of collected account) (To record collection) Debit Credit
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