At The End Of Each Year Dutch Supply Co Uses The Simplified Balance Sheet Approach I E Percentage Of Accounts Recei 1 (45.42 KiB) Viewed 27 times
At The End Of Each Year Dutch Supply Co Uses The Simplified Balance Sheet Approach I E Percentage Of Accounts Recei 2 (43.14 KiB) Viewed 27 times
At the end of each year, Dutch Supply Co. uses the simplified balance sheet approach (i.e., percentage of accounts receivable) to estimate bad debts. On December 31, 2020, it has outstanding accounts receivable of $168,000 and estimates that 3.5% will be uncollectible. Required: a. Give the entry to record bad debt expense for 2020 under the assumption that the Allowance for Doubtful Accounts has a $2.040 debit balance before the adjustment. View transaction list Journal entry worksheet Record the entry for estimated bad debts. Note: Enter debits before credits Date December 31 2020 General Journal Debit Credit
b. Give the entry under the assumption that the Allowance for Doubtful Accounts has a $2,040 credit. balance before the adjustment. View transaction list Journal entry worksheet Record the entry for estimated bad debts. Note: Enter debits before credits. Date December 31, 2020 Record entry General Journal Clear entry Debit Credit View general journal
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