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I already posted this question earlier but I didn't got satisfactory answer. balance of $50,000 the bad debt expense account had a balance of $0
I already posted this question earlier but I didn't got satisfactory answer.
balance of $50,000 the bad debt expense account had a balance of $0 and the allowance for doubtful subsequent Question 1: Receivables, allowances for doubtful accounts, write off and recovery Outdoor Equipment sells camping equipment. On December 1, the accounts receivable account had a accounts had a credit balance of $5000. Journalize the remaining entries for the year 2020. Dec. 2 Sold tents for $5.000 on account with a cost of $2.500. 20 Determined that the total accounts of Rocky Co with an accounts receivable balance of $1.200 and Grouse Co. with an accounts receivable balance of $2,500 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2.500. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: write off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. 2. Draw and fill in the T-accounts for account receivable, bad debt expense and allowance for doubtful accounts. Determine the ending balance for each accountStep by Step Solution
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