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Business, 08.09.2021 16:30 amylumey2005
A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable $245,000 debit Allowance for uncollectible accounts 300 credit Net Sales 900,000 credit All sales are made on credit. Based on past experience, the company estimates 0.5% of credit sales to be uncollectible.
Required:
What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?
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Answers: 1
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A company used the percent of sales method to determine its bad debts expense. At the end of the cur...
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