Question
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31,
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the companys fiscal year-end. The 2015 balance sheet disclosed the following:
Current assets: | ||||||||||||||||||||||||||||||||||||||||
Receivables, net of allowance for uncollectible accounts of $45,000 $507,000
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