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Discuss the advantages and disadvantages of balance sheet

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Problem - Comparison of Bad Debt Estimation Methods - Bradford Company's accounting records on December 31, 2019, provide the following information (prior to adjustment):

Cash sales $93,100

Net credit sales 262,900

Total sales (net) $356,000

Accounts receivable 126,300

Allowance for doubtful accounts 2,150 (credit)

Required -

1. Prepare the journal entries to record the estimate of Bradford's bad debt expense for 2019 assuming:

a. Bad debts are estimated to be 2% of net credit sales.

b. Bad debts are estimated to be 5% of gross accounts receivable.

2. Discuss the advantages and disadvantages of the balance sheet and income statement approaches to estimating bad debt.

Reference no: EM132882174

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