At the end of each year, Dutch Supply Co. uses the simplified balance sheet approach...
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Accounting
At the end of each year, Dutch Supply Co uses the simplified balance sheet approach ie percentage of accounts receivable to estimate bad debts. On December it has outstanding accounts receivable of $ and estimates that will be uncollectible. Required: a Give the entry to record bad debt expense for under the assumption that the Allowance for Doubtful Accounts has a $ debit balance before the adjustment. Record the entry for estimated bad debts.
At the end of each year, Dutch Supply Co uses the simplified balance sheet approach ie percentage of accounts receivable to estimate bad debts. On December it has outstanding accounts receivable of $ and estimates that will be uncollectible.
Required:
a Give the entry to record bad debt expense for under the assumption that the Allowance for Doubtful Accounts has a $ debit balance before the adjustment.
Record the entry for estimated bad debts.
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