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Need help with number 2, please provide your answer in the a table format as provided (T-Account) On February 28, Big White Ski Equipment had
Need help with number 2, please provide your answer in the a table format as provided (T-Account)
On February 28, Big White Ski Equipment had a $25,500 debit balance in Accounts Receivable. During March, the company had sales of $65,500, which included $60,000 in credit sales. March collections were $53,000, and write-offs of uncollectible receivables totalled $1,250. Other data include: a. February 28 credit balance in Allowance for Doubtful Account was $1,300. b. Bad debt expense was estimated as 3 percent of credit sales Required 1. Prepare journal entries to record sales, collections, write-offs of uncollectibles during March, and bad debt expense by the allowance method (using the percent-of-sales method). 2. Prepare T-accounts to show the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Compute net Accounts Receivable at March 31 How much does Big White expect to collect? RULUUN TE ICE Watc Mar. 31 Choose from any list or enter any number in the input fields and then click Check Answers DbackStep by Step Solution
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