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URGENT PLEASE On December 31 of the current year, a company's unadjusted trial balance revealed the following: Accounts Receivable of $76,000; Sales Revenue of $463,000
URGENT PLEASE
On December 31 of the current year, a company's unadjusted trial balance revealed the following: Accounts Receivable of $76,000; Sales Revenue of $463,000 which consists of Cash Sales of $188,000 and Credit Sales of $275,000; ; and Allowance for Doubtful Accounts of $1,000 (credit balance). Prepare the adjusting journal entry to record the estimate for bad debts assuming: 1. 8% of the Accounts Receivable balance is to be uncollectible. 2. Bad Debts Expense is estimated to be 2.5% of credit sales. 3. Prepare the entry to write off a $2,400 Account Receivable on January 1 of the next year. 4. There should be three entries that you will record on the general journal. When finished upload your general journal to thisStep by Step Solution
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