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Make journal entries necessary to record bad debt expense

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Reference no: EM132959861

Question - The Allowance Method Joplin Company used the allowance method and had the beginning balance of $50,000 for Allowance for Bad Debts. Joplin estimated that the ending balance of Allowance for Bad Debts was $100,000. In addition, a year-end review of accounts identified that as of the end of the year, $43,000 were worthless because the business customers associated with those accounts had gone bankrupt. Using the allowance method of accounting for bad debt expense, make the journal entries necessary to record (1) bad debt expense for the year and (2) the write-off of uncollectible accounts at the end of the year.

Reference no: EM132959861

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