having trouble completing this question...Please help JL Picard Inc. has provided the following information relating...
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JL Picard Inc. has provided the following information relating to its sales for the past year, which ended December 31, 20x8. The company uses the balance sheet (accounts receivable) method of accounting for bad debt expense .
Estimated % of accounts receivable that will be uncollectable 5%
Jan. 1, 20x8 balance in the allowance for doubtful account $2,000 cr
Jan. 1, 20x8 balance in the accounts receivable account $40,000 dr
Credit sales (20x8) $650,000
Write offs of uncollectible accounts receivable (20x8) $6,200
Collections of previously written off amounts (20x8) $900
Cash received in payment of accounts receivable (20x8) $570,000
Required - Prepare all journal entries to record the activity for JL Picard for 20x8. Furthermore, prepare any journal entries required at December 31, 20x8 to record bad debt expense for the year.
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