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Please answer questions a through d. 16. Apollo Inc., recorded credit sales of $1,750,000 during 2018. At December 31, 2018, the company had a $250,000
Please answer questions a through d.
16. Apollo Inc., recorded credit sales of $1,750,000 during 2018. At December 31, 2018, the company had a $250,000 debit balance in Accounts receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. a. Prepare the adjusting entry to record estimated bad debt expense assuming that bad debts are estimated at 1% of credit sales. b. On January 5, 2020, Apollo wrote off an account receivable of $2,000. Prepare the entry. c. On January 20, 2020, a customer whose account had been previously written off returned and paid $5,000. Prepare the entries. d. After the above adjustments and transactions, what is the balance in the Allowance for Doubtful AccountsStep by Step Solution
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