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Prepare the adjusting entry to record bad debt expense

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Question - Farr Co. elects to use the percentage-of-sales basis in 2014 to record bad debt expense. It estimates that 2% of net credit sales will become uncollectible. Sales revenues are $857,000 for 2014, sales returns and allowances are $58,300, and the allowance for doubtful accounts has a credit balance of $9,030.

Prepare the adjusting entry to record bad debt expense in 2014.

Reference no: EM132075839

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