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At December 31, Flor Inc. reports the following results for its calendar year. $ Cash sales Credit sales 60,000 110,000 Its year-end unadjusted trial balance
At December 31, Flor Inc. reports the following results for its calendar year. $ Cash sales Credit sales 60,000 110,000 Its year-end unadjusted trial balance includes the following items. $ 86,000 debit Accounts receivable Allowance for doubtful accounts 1,200 debit Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be as follows: 1 3% of credit sales (10) 2 5% of total sales (10) 3 6% of year-end accounts receivable. (15) 4 BONUS (5 points)- Refer to #3 above and show how the accounts receivable and allowance for dobutful account would be reported on the company's balance sheet
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