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At December 31, 2022, the trial balance of Miles Company contained the account balances below belore aty? adjustments, Miles uses the allowance method of accounting

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At December 31, 2022, the trial balance of Miles Company contained the account balances below belore aty? adjustments, Miles uses the allowance method of accounting for bad debte. a. Prepare the adjusting entry at December 31,2022 , te record bad debt expense aspuming that Miles estimates that 83 of Accounts Recelvable will utimately become uncollectible. b. Alernatively to part (a) above, assume that there is a 52,500 debit balance (rather than a 52,800 crecit balance) in the Allowance for Doubtfut Accounts. All other information remains the same. Prepare the adjusting entry at December 31,2022 . c. Using the information in part (a) above, duning 2023, after extenslue attempte to collect several of the accounts, Miles decides that a total of $6,950 of atcounts recelyable are completely uncoliectible. Accordingly, Miles decides to actually writeoff these accounts. Prepare the journal entry to record the writeoff of these recelvables. d. On December 31, 2023, the balance in Accounts freceivable is $160,000, Prepare the adjusting journal entry assuming the 89 estimate is used and the accotnts are adjusted for the writeolfs in part (c) above. e. Prepare the balance sheet presentation for Accoonts Reseivabie at December 31, 2023 atter the ad, ustifg entry in part (d) above. 6. On Februaty 2, 2024, one of the accounts written off in part (c) in the amount of 5450 was coliected. Prepare the journal entries to record this transaction

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