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Q8E_b

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Financial & Managerial Accounting
Found in: Page 345
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

Refer to the information in Exercise 7-7 to complete the following requirements

b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,000 credit.

The amount of bad debt expense will be $13,650.

See the step by step solution

Step by Step Solution

Adjusting journal entry

Date

Particulars

Debit

Credit

Dec 31

Bad debt expense

$13,650

Allowance for doubtful accounts

$13,650

(To record the bad debt expense)

Working notes

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