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Sheridan Co uses the percentage of sales approach to record bad debt expense. It estimates...

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Accounting

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Sheridan Co uses the percentage of sales approach to record bad debt expense. It estimates that 1.5% of net credit sales will become uncollectible. Credit sales are $765,000 for the year ended April 30, 2021: sales discounts are $17000; accounts receivable are 5266.600; and the allowance for doubtful accounts has a credit balance of 55.160 Prepare the adjusting entry to record bad debt expense in 2021. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Apr. 30 To record estimate of uncollectible accounts: Calculate the carrying amount of accounts receivable on April 30, 2021 Carrying amounts

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