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Can someone please help me fill this out Question 5 of 12 0.5 / 1 III View Policies Show Attempt History Current Attempt in Progress
Can someone please help me fill this out
Question 5 of 12 0.5 / 1 III View Policies Show Attempt History Current Attempt in Progress Whispering Winds Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 1% of accounts receivable will become uncollectible. Accounts receivable are $450,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,440. (a) Your answer is correct. Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 1060 Allowance for Doubtful Accounts 1060 Question 5 of 12 0.5 / 1 III (b) If the allowance for doubtful accounts had a debit balance of $920 instead of a credit balance of $3,440, prepare the adjusting journal entry for bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditStep by Step Solution
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