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Prepare the journal entry to record bad debt expense

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Reference no: EM133184508

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

Account Titles and Explanations

Debit

Credit

Accounts Receivable

153000

Allowance for Doubtful Accounts

3030

Sales Revenue (all on credit)

834500

Sales Returns and Allowances 

50540

Required - Prepare the journal entry to record bad debt expense assuming Martinez Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,540 debit balance.

Reference no: EM133184508

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