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Please answer, will rate! Exercise 3 - Bad debt expense using the aging...

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Accounting

Please answer, will rate!

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Exercise 3 - Bad debt expense using the aging of account receivable method: Gabi Inc. uses the aging of accounts receivable method to determine bad debt expense. The following information regarding the fiscal year 2017 is provided: Accounts Receivable, end ays OutstandingEstimated Loss Rate $300,000 $50,000 $6,000 Under 90 days 90 to 180 days 2% 10% 30% Over 180 days Beginning of period allowance for uncollectible accounts: $7,000 Actual write-offs of bad debt during the period: $1,000 Required: 1. 2. Provide the journal entry for the actual write-offs of uncollectible debt during the year. Record the adjusting entry for bad debt expense in 2017

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