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The accounts have the following balaces
D C
acquiacoount receivable 100,000
allowance for doubtful accounts 2,500
sales 750000
sales return and allowances 40,000
1) Prepare the journal entries for estimating bad debts assuming that the following separate assumptions are (!) 6% accounts receivable (2)1% of net sales
2) Assume instead that the allowance has a debit balance instead of a credit balance. prepare the neceessary entries to record bad debts under each of the above assumptions.
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