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Prepare the journal entry to record bad debt expense

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Reference no: EM13529401

(Recording Bad Debts) Sandel Company reports the following financial information before adjustments.

 

Dr.

Cr.

Accounts   Receivable

$160,000  

  

Allowance   for Doubtful Accounts

  

$2,000

Sales   Revenue (all on credit)

  

800,000

Sales   Returns and Allowances

50,000

  

Instructions

Prepare the journal entry to record bad debt expense assuming Sandel Company estimates bad debts at (a) 1% of net sales and (b) 5% of accounts receivable.

Reference no: EM13529401

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