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Prepare the necessary journal entries for abc

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Reference no: EM132920149

ABC Corporations has the following transactions and account balances during the year:

A/R beginning balance = $45,000

Allowance for doubtful accounts beginning balance = $2,250

ABC made sales on account of $60,000.

ABC made cash sales of $20,000.

ABC collected $65,000 of A/R.
ABC wrote off $1,500 of A/R.
ABC subsequently collected $200 of A/R that had been previously written off.
ABC estimates bad debt expense to be 5% of A/R at the end of the year.

Required:

Question 1: Prepare the necessary journal entries for ABC.

Question 2: Prepare the entry to record bad debt expense assuming that in transaction #4, $4,000 of A/R had been written off instead of $1,500.

Reference no: EM132920149

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