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Prepare the journal entries on december

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Question - On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $1,060. Laramie Corporation estimates that 8% of its total accounts receivable balance of $94,200 will become uncollectible and records the necessary adjustment to the Allowance for Doubtful Accounts. On May 11, 2022, Laramie Corporation determined a J. Reno's account was uncollectible and wrote off $1,420. On June 12, 2022, Reno paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022.

Reference no: EM133070542

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