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First Inc. has a $3,750 debit balance in its Allowance for Doubtful Accounts before preparing the following aging schedule: Given this information, what adjusting entry
First Inc. has a $3,750 debit balance in its Allowance for Doubtful Accounts before preparing the following aging schedule:
Given this information, what adjusting entry should First make at the end of the year?
How is it calculated?
Account Category Total Amount Total Estimated Bad Debts 0-30 days past due $54,000 $540 31-60 days past due $30,000 $1,500 61-90 days past due $12,000 $1,800 $1,500 91 days past due $3,000Step by Step Solution
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