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Question 1: Burl Brothers provided the following information regarding its accounts receivableat the beginning of the current year: The company reported net credit sales of
Question 1: Burl Brothers provided the following information regarding its accounts receivableat the beginning of the current year: The company reported net credit sales of $21,000,000 during the year, of which it collected $9,900,000. The company wrote off $51,000 of actual bad debts for the year. Burl Brothers estimates the allowance for doubtful accounts at 4% of the ending accounts receivable balance. Prepare the journal entry to record the year-end adjusting entry for the bad debt expense. Question 2: Describe the importance of separating income from continuing operations from other,nonrecurring items
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