Alvin's Transport has total credit sales for the year of $182,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment:
a. Allowance for Doubtful Accounts has a credit balance of $570.
b. Allowance for Doubtful Accounts has a debit balance of $360
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Alvin's Transport has total credit sales for the year of $182,000 and estimates that 3% of its credi...
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