Question
The following accounts were taken from your companys unadjusted trial balance at December 31, 20X0. Debit Credit Net credit sales $750,000 Allowance for doubtful accounts
The following accounts were taken from your companys unadjusted trial balance at December 31, 20X0.
| Debit | Credit | |||
|---|---|---|---|---|
| Net credit sales | $750,000 | |||
| Allowance for doubtful accounts | $14,000 | |||
| Accounts receivable | 310,000 |
If doubtful accounts are 3% of accounts receivable based on aging the accounts, prepare the adjusting entry to record bad debt expense for 20X0.
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
