Brief Exercise 8-5 Bonita Industries the end of the year, and the allowance for doubtful...

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Accounting

Brief Exercise 8-5 Bonita Industries the end of the year, and the allowance for doubtful accounts has a credit balance of $2,908. uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of accounts receivable will become uncollectible. . Accounts receivable are $384,400 at (a) Prepare the adjusting journal entry to record bad debt expense for b) If the allowance for doubtful accounts had a debit bglance of $954 instead of a credit balance of $2,908, prepare the adjusting journal entry the year (Credit account tities are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit

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To solve this exercise we need to calculate the bad debt expense for Bonita Industries using the percentageofreceivables method and then prepare the journal entries based on the given scenarios a Adjusting Journal Entry to Record Bad Debt Expense 1 Calculate the Required Allowance for Doubtful Accounts Accounts Receivable 384400 Percentage estimated to be See Answer

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