Question
Your answer is partially correct.Try again. A- Vaughn, Inc. had net sales in 2020 of $1,464,200. At December 31, 2020, before adjusting entries, the balances
Your answer is partially correct.Try again.
A- Vaughn, Inc. had net sales in 2020 of $1,464,200. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $248,800debit, and Allowance for Doubtful Accounts $1,807debit. Assume that10% 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
b- Vaughn, Inc. had net sales in 2020 of $1,464,200. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $248,800debit, and Allowance for Doubtful Accounts $3,090credit. Assume Vaughn prepares an aging schedule that estimates total uncollectible accounts at $27,700. Prepare the entry to record bad debt expense.(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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