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I need help with question 22 QUESTION 22 10 points Save Anne At the end of the year, your company has an ending balance in
I need help with question 22 QUESTION 22 10 points Save Anne At the end of the year, your company has an ending balance in accounts receivable of $150,000. Based on your past history, you estimate that 3% of this balance is not collectible. Prior to adjusting your accounts, you have a balance in your allowance for doubtful accounts of $3,000(this balance is a credit). Based on this information, please answer the following questions: 1. What is the estimated allowance for doubtful accounts that is required as of the end of the year (4 points) 2. What is the journal entry that should be recorded in order to increase the allowance for doubtful accounts as of the end of the year? (points) 3. Instead of the $3,000 credit balance, now assume that you have a $500 debit balance in the allowance for doubtful accounts, What is the entry that is required to increase the allowance for doubtful accounts from the $500 debit balance to the required allowance level? (3 points) For the toolbar, press ALTF10 (PC) or ALT+FN+F10 (Mac)
I need help with question 22
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