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Billings Corporation had total sales in the current year of $600,000 and credit sales of $530,000. The Accounts Receivable balance was $350,000 on the balance
Billings Corporation had total sales in the current year of $600,000 and credit sales of $530,000. The Accounts Receivable balance was $350,000 on the balance sheet date and the Allowance for Doubtful Accounts had a credit balance of $10,000 before adjusting entries. Bad debt expense is estimated as 2% of credit sales. The adjusting entry to record estimated bad debt expense would include a
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