Exercise 7-07 Skysong Company reports the following financial information before adjustments. ...
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Accounting
Exercise 7-07
Skysong Company reports the following financial information before adjustments.
| Dr. | Cr. | |||||
|---|---|---|---|---|---|---|
| Accounts Receivable | $138,100 | |||||
| Allowance for Doubtful Accounts | $2,970 | |||||
| Sales Revenue (all on credit) | 845,000 | |||||
| Sales Returns and Allowances | 53,310 | |||||
Prepare the journal entry to record bad debt expense assuming Skysong Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,410 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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