Company CC estimates that 4 percent of its accounts receivable will be uncollectible. On December 31, 2020,
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Company CC estimates that 4 percent of its accounts receivable will be uncollectible. On December 31, 2020, the accounts receivable balance is $700,000. The allowance for doubtful accounts has a debit balance of $3,000 before adjustment.
Prepare the journal entry to record bad debt expense on December 31, 2020.
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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