Accounts receivable and bad debt journal entries
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Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
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The solution provides the accounts receivable and bad debt journal entries.
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Here are the two classic entries needed:
Estimate bad debts:
......................................DEBIT.............CREDIT
Bad debt expense.....................XX
Allowance for doubtful accounts........................XX
Write off account:
Allowance for doubtful ...
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