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Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected.
Customer
Amount
.
Invoice oday's Date
Number of Days Unpaid
Fitness Mania
$ 2.500
6/17/2016
12/31/2016
197
Health for Life
2,000
12/21/2016
10
Holistic Health Options
12,750
10/12/2016
80
Image Reimaging
7.000
12/5/2016
26
Today's Gym World
4,600
11/29/2016
32
Whole Life Fitness Center
15900
11/20/2016
41
Workouts Unlimited
3,800
10/2/2016
90
Total
5 48550
Problem 1: JoeX Corp uses the percentage of credit sales method to estimate Bad Debt Expense, and they find that they have $2,350,000 in credit sales for the year ended 2019. JoeX estimates that 0.15% of their credit sales will be uncollectable. Prior to the adjustment, the Allowance for Doubtful Accounts has a credit balance of $235. What will JoeX Corp record as Bad Debt Expense for 2019? (do not enter commas)
Problem 2: Using the aging-of-accounts-receivable method to estimate bad debt, Avidity Corporation estimates that $3,550 of its accounts receivable will be uncollectible. Prior to adjustment, the Allowance for Doubtful Accounts has a credit balance of $800. The adjusting entry to record Bad Debt Expense will be for:a. 4350
b. 800
c. 3550
d. 2750
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