Solution-Prepare the entry to record bad debt expense

Prepare the entry to record bad debt expense

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A- Vaughn, Inc. had net sales in 2020 of $1,464,200. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $248,800 debit, and Allowance for Doubtful Accounts $1,807 debit. Assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense.

B- Vaughn, Inc. had net sales in 2020 of $1,464,200. At December 31, 2020, before adjusting entries, the balances in selected accounts were Accounts Receivable $248,800 debit, and Allowance for Doubtful Accounts $3,090 credit. Assume Vaughn prepares an aging schedule that estimates total uncollectible accounts at $27,700. Prepare the entry to record bad debt expense.

Reference no: EM132486963

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Prepare the entry to record bad debt expense

Reference no: EM132486963

Reference no: EM132486963

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