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Prepare the appropriate journal entry to record the estimate

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1. The following information was gathered to help prepare the adjusting entry for Pete's Flower Shop for 2020. This financial information is before any of the bad debt expense adjustments.

                                                                            Debit Credit

Accounts Receivable, 12/31/20                       145,000

Allowance for Uncollectible Accounts, 12/31/20      1,900

Sales (all on credit), 12/31/20                         310,000

Required (each situation is independent of the others):

Question 1: Prepare the appropriate journal entry to record the estimated bad debt expense for Pete's Flower Shop assuming bad debts are assumed to be 1% of sales (income statement approach).

Question 2: Prepare the appropriate journal entry to record the estimated bad debt expense for Pete's Flower Shop assuming bad debts are assumed to be 2.5% of accounts receivable (balance sheet approach).

Question 3: Prepare the appropriate journal entry to record the estimated bad debt expense for Pete's Flower Shop assuming the same facts in part b except that Pete's Allowance for Uncollectible Accounts account has a debit balance of $350.

Reference no: EM132490185

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