Question
A company had the following items and amounts in its unadjusted trial balance as of December 31 of the current year: (3 points) DebitCredit Cash
A company had the following items and amounts in its unadjusted trial balance as of December 31 of the current year: (3 points)
DebitCreditCash sales........................................................$188,000Credit sales......................................................275,000Accounts receivable............................................$76,000Allowance for doubtful accounts.............................1,000
Prepare the adjusting entry to estimate bad debts assuming an aging analysis estimates that 8% of the outstanding accounts receivable will be uncollectible
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