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Prepare the year-end adjusting journal entry to record

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Pharoah Company uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end.

Total 0-30 31-60
Accounts receivable $392,000 $235,000 $89,000
% uncollectable 1% 4%
Estimated bad debts ???? ?????

Problem 1: Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined above. Assume the unadjusted balance in Allowance for Doubtful Accounts is a $4,000 debit.

Reference no: EM132959293

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