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At December 31, a company reports the following results for its calendar year. Also, its unadjusted trial balance includes the following items. Required: a. Prepare
At December 31, a company reports the following results for its calendar year. Also, its unadjusted trial balance includes the following items. Required: a. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 3% of credit sales. b. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 2% of total sales. c. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 6% of year-end accounts receivable. Journal entry worksheet Bad debts are estimated to be 3% of credit sales. Also, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $873,549 debit Required: a. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 3% of credit sales. b. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 2% of total sales. c. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 6% of year-end accounts receivable
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