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Nieto co elects to use the percentage-of-sales basis in

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Nieto Co. elects to use the percentage-of-sales basis in 2008 to record bad debts expense. It estimates that 3% of net credit sales will become uncollectible. Sales are $806,637 for 2008, sales returns and allowances are $46,389, and the allowance for doubtful accounts has a credit balance of $9,534. Prepare the adjusting entry to record bad debts expense in 2008.

Reference no: EM13571734

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