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Question - Johnston LLC determines the allowance for doubtful accounts by estimating 20% of its closing accounts receivables. At the end of 2020, the balances of accounts receivable was $8 million and the allowance account was $3 million. In 2021, Johnston LLC had cookie sales of $20 million (all on account). On March 31, 2021 Johnston wrote off $600,000 of accounts receivable. Later, on June 31, 2021 Johnston LLC collected a $350,000 of receivables that had been previously written off as uncollectible. During 2021 Johnson had $11 million in collections (not including the recovery from write-off).
Required -
1. Provide the journal entries for the write-off and recovery of accounts receivable.
2. Determine the ending accounts receivable and allowance account balances for 2021, and calculate the bad debt expense for 2021.
3. Provide the journal entry for the 2021 bad debt expense.
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