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Tasmanian Devil Companys unadjusted trial balance at 12/31 reports the following balances: accounts receivable, $53,000 debit; allowance for doubtful accounts, $4,000 debit; net sales, $1,200,000.
Tasmanian Devil Company’s unadjusted trial balance at 12/31 reports the following balances: accounts receivable, $53,000 debit; allowance for doubtful accounts, $4,000 debit; net sales, $1,200,000. They estimate bad debt expense to be 7% of gross accounts receivable.
What is the amount of the adjusting entry to record the bad debt expense for the year?
What is the amount of the adjusting entry to record the bad debt expense for the year?
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Bad Debt Expense 7 of Gross Accounts Receivable 7 x 53000 1200000 7 x 1...
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
