Homework Answers
Bad debt expense = $342,000 X 3%
= $10,260
| Date | Accounts | Debit | Credit |
| Dec 31 | Bad debt expense | $10,260 | - |
| Allowance for doubtful accounts | - | $10,260 |
| Current assets | ||
| Accounts receivable | $38,000 | |
| Less: Allowance for doubtful accounts | $10,260 | $27,740 |
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