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Business, 03.03.2022 14:00 jackson5637

At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $904,000
Credit sales 304,000

Its year-end unadjusted trial balance includes the following items.

Accounts receivable $129,000 debit
Allowance for doubtful accounts 5,400 debit

Required:
Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1% of total sales and (3) 6% of year-end accounts receivable.

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At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash s...
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