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Prepare the adjusting entry for doe co to recognize

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Reference no: EM132687824

On December 31, 2002, Doe Co.'s records show the following results for the year:

Cash Sales.................... $1,650,000

Credit Sales.................. $4,690,000

In addition, it's unadjusted trial balance includes the following items:

Accounts Receivable.................. $1,360,000 debit

Question 1: Prepare the adjusting entry for Doe Co. to recognize bad debts under each of the following independent assumptions:

A.) Bad debts are estimated to be 3% of credit sales. (Account title, debit & credit)

B.) Bad debts are estimated to be 2% of total sales. (Account title, debit & credit)

C.) Analysis suggests 5% of accounts receivable at year-end are uncollectible. (Account title, debit & credit)

Reference no: EM132687824

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