On August 31,2024, Blossom Floral Supply had a $175,000 debit balance in Accounts Receivable and...

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Accounting

On August 31,2024, Blossom Floral Supply had a $175,000 debit balance in Accounts Receivable and a $7,000 credit balance in Allowance for Bad Debts. During September, Blossom made:
Sales on account, $530,000. Ignore Cost of Goods Sold.
Collections on account, $573,000.
Write-offs of uncollectible receivables, $9,000.
Read the requirements.
Requirement 1. Journalize all September entries using the allowance method. Bad Debts Expense was estimated at 1% of credit sales. Show all September activity in Accounts Receivable, Allowance for Bad Debts, and Bad Debts Expense (post to these T-accounts).
Begin by journalizing all September entries using the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Sales on account, $530,000. Ignore Cost of Goods Sold.
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