Assume that October's credit sales were $35,000. In the space below record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions:
a. The Allowance for Doubtful Acccounts before adjustment has a credit balance of $500.
b. The Allowance for Doubtful Accounts before adjustment has a debit balance of $250.
c. Uncollectible accounts expense is estimated at 2% of sales.
2 answers
Identifying and journalizing Closing Entries Klein Photography
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