Duning its first year of operations, Chocolate Passion tamed net credit sales of $360,000. Industry...
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Duning its first year of operations, Chocolate Passion tamed net credit sales of $360,000. Industry experience suggests that bad debts will amount to 2 of not credit sales. Al December 31, 2018, accounts receivable total $43.000. The company uses the allowance method to account for uncollectibles Read the requirements Requirement 1. Journalize Chocolate's Bad Debts Expense using the percent-of-sales method (Record debits first, then credits. Select the explanation on the last line of the journal entry table Check yours carefully and do not abbreviate) Date Accounts and Explanation Debit Credit Doc 31 Requirement 2. Show how to report counts receivable on the balance sheet at December 31, 2018 Balance Sheet(Partial Current AS
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