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On december 31, 2021, when its allowance for doubtful accounts had a debit balance of $1,521, Sheridan Company estimates that 9% of its accounts receivanle
On december 31, 2021, when its allowance for doubtful accounts had a debit balance of $1,521, Sheridan Company estimates that 9% of its accounts receivanle balance of $105,300 will become uncollectable and records the necessary adjustments to allowance for doubtful accounts. On May 11, 2022, Sheridan company determined that B.Jared's accounts was uncollectable and wrote off $1,165. On June 12th, 2022, Jared paid the amount previously written off.
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1.521, Sheridan Company estimates that %% of its accounts receivable balance of $105,300 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Sheridan Company determined that B. Jared's account was uncollectible and wrote off $1,165. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record joumal entries in the order presented in the problem.)Step by Step Solution
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