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Prepare the journal entry to record bad debt expense for 2025 , assuming that aging...

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Accounting

imageimageimageimage Prepare the journal entry to record bad debt expense for 2025 , assuming that aging the accounts receivable indicates that estimated bad debts are $50,000. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Accounts receivable turnover times Compute the average collection period. (Round answer to 1 decimal place, e.g. 12.4. Use 365 days for calculation.) Average collection period days No. Account Titles and Explanation 1. Accounts Receivable Sales Revenue 2. Sales Returns and Allowances Accounts Receivable 3. Cash Accounts Receivable 4. Bad Debt Expense Accounts Receivable 5. Accounts Receivable Allowance for Doubtful Accounts (To reinstate account previously written off) Cash Debit 2,470,000 2,170,000 15,000 Credit 2,470,000 2,170,000 45,000 15,000 Enter the January 1, 2025, balances in Accounts Receivable and Allowance for Doubtfu accounts and determine the balances. (Post entries in the order of journal entries presented

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