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Question - Sunland Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $435,700 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,653.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $827 instead of a credit balance of $2,653, prepare the adjusting journal entry for bad debt expense.
Determine confidence intervals for data.
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Compute the uncollectible account expense, and make the appropriate journal entry, for the current year assuming the uncollectible account expense is determined
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