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Wilton, Inc. had net sales in 2020 of $1,400,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $250,000
Wilton, Inc. had net sales in 2020 of $1,400,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $1,900 debit. Assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Dec. 31, 2020 Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts Debit Credit 25000 25000
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