Business, 17.04.2020 02:52, edfrank6278
Providing for doubtful accounts At the end of the current year, the accounts receivable account has a debit balance of $1,262,000 and sales for the year total $17,670,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions: The allowance account before adjustment has a debit balance of $8,600. Bad debt expense is estimated at 1/2 of 1% of sales. The allowance account before adjustment has a debit balance of $8,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $18,450. The allowance account before adjustment has a credit balance of $9,400. Bad debt expense is estimated at 1/4 of 1% of sales. The allowance account before adjustment has a credit balance of $9,400. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $78,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
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Providing for doubtful accounts At the end of the current year, the accounts receivable account has...
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