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K Corp had the following account balances on December 31, 2021: ...

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Accounting

K Corp had the following account balances on December 31, 2021:
Accounts Receivable
20,000
Allowance for Bad Debts
800 (credit)
Net credit sales
60,000
The company uses the allowance method to account for uncollectibles. Industry experience suggests that uncollectible amounts will amount to 5% of accounts receivable. .
Prepare the journal entry to record estimated bad debt expense using the percent-of-receivables
method.

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