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Allowance for Doubtful Accounts
Problem a: During the fiscal 2020 year, SpaceX had made credit sales of $1,000,000. The outstanding Accounts Receivable were $250,000. The unadjusted Allowance for Doubtful accounts had a balance of $10,000. Record the bad debt expense and corresponding journal entry if:
1) Bad debt is estimated using a percentage of AR
2) Bad debt is estimated using a percentage of credit sales
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