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Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $2,050. Required: a. Prepare the adjusting entry
Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $2,050. Required: a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows... December 31, 2020 Accounts Receivable $140,000 40,000 9,500 2,200 Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due Expected Percentage Uncollectible 1% 4% 10% 60% es View transaction list View journal entry worksheet No 1 Date December 31, 2020 General Journal Debit Credit Bad debt expense Allowance for doubtful accounts
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