Reference no: EM132472219
Problem - Griffin Company uses the allowance method to account for bad debts. To estimate the amount of uncollectible accounts, Griffin Company uses the percentage of sales method.
A review of the end of the year accounting information finds the following:
Net sales for the year, $616,000. This includes $79,000 of cash sales;
Ending balance in Accounts Receivable, $81,000;
Ending balance in Allowance for Uncollectible Accounts, $817 (credit balance).
After discussions with company management, you determine that 3% of net credit sales is a reasonable estimate of uncollectible accounts.
Required - Journalize the entry to record bad debts expense for the year ended December 31.
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