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Problem 1: The journal entry to record a bad debt write-off is:
Option 1: Dr. Accounts Receivable and Cr. Allowance for Doubtful Accounts
Option 2: Dr. Bad Debt Expense and Cr. Allowance for Doubtful Accounts
Option 3: Dr. Allowance for Doubtful Accounts and Cr. Accounts Receivable
Option 4: Dr. Bad Debt Expense and Cr. Accounts Receivable
Problem 2: A bad debt recovery occurs when a company collects an account receivable that was previously written off.
Problem 3: On its 12/31/20 Balance Sheet, Miller Company reports 'Accounts Receivable, net' of $460,000. In the footnotes, Miller reports that its Allowance for Doubtful Accounts is $20,000 as of 12/31/20. What is the balance in Miller's 'Accounts Receivable' t-account as of 12/31/20?
Option 1: $420,000
Option 2: $480,000
Option 3: $460,000
Option 4: $440,000
Financial Statement Analysis and Preparation
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