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Problem 1.Determine the Bad Debt Expense in each of the following cases and journalize the entry. (a) Credit balance of $400 in the allowance account
Problem 1.Determine the Bad Debt Expense in each of the following cases and journalize the entry. (a) Credit balance of $400 in the allowance account just prior to adjustment. Analysis of accounts receivable indicates doubtful accounts of $8,500. (b) Debit balance of $400 in the allowance account just prior to adjustment. Analysis of accounts receivable indicates doubtful accounts of $8,500. (c) Credit balance of $400 in the allowance account just prior to adjustment. Uncollectible accounts are estimated at 2% of sales, which totaled $1,000,000 for the year
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