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At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $910,000 Credit sales 310,000 Its year-end unadjusted trial balance
At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $910,000 Credit sales 310,000 Its year-end unadjusted trial balance includes the following items. $135,000 debit Accounts receivable Allowance for doubtful 6,000 debit accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (a) 5% of credit sales, (b) 3% of total sales and (c) 8% of year-end accounts receivable. View transaction list X Import a new list Record Bad Debts Expense assuming uncollectibles are estimated to be 5% of credit sales. 1 e 5% of Record Bad Debts Expense assuming uncollectibles are estimated to be 3% of total sales 2 Record Bad Debts Expense assuming uncollectibles are estimated to be 8% of year-end accounts receivable. Credit
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