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Prepare the journal entry to record Bad Debt Expense

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Question - Sheridan Company reports the following financial information before adjustments.

Accounts receivable DR 70,000

Allowance for doubtful accounts CR 400

Sales revenue (all on credit) CR 660,000

Sales returns and allowances DR 29,000

Prepare the journal entry to record Bad Debt Expense assuming Sheridan Company estimates the necessary allowance for doubtful accounts at

(a) 3% of accounts receivable.

(b) 3% of accounts receivable, but the Allowance for Doubtful Accounts had a $2,700 debit balance.

Reference no: EM132429331

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