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What is the description and debit and credit

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UNCOLLECTIBLE ACCOUNTS - PERCENTAGE OF SALES METHOD:

During the fiscal year Ebony Company had total sales of $4,350,000 of which cash sales was $1,725,000 and the balance was credit sales. It estimated that 1.25% of the credit sales will not be collected. Record the end-of-year adjusting entry in general journal form, to enter the estimate for bad debt expense.

Assuming the following independent conditions existed prior to the adjustment:

  1. Allowance for Bad Debts has a credit balance of $800.
  2. Allowance for bad debts has a debit balance of 455.

Question 1: What is the description, post ref, debit, and credit.

Reference no: EM132580339

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