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At the end of the current year, Accounts Receivable has a balance of $800,000; Allowance for...

At the end of the current year, Accounts Receivable has a balance of $800,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and net sales for the year total $3,000,000. Bad debt expense is estimated at 1/2 of 1% of net sales. REQUIRED: Prepare the adjusting journal entry for uncollectible accounts.

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Answer #1
The adjusting journal entry for uncollectible accounts is:
Debit Credit
Bad debt expense 15000 =3000000*1%*1/2
       Allowance for Doubtful Accounts 15000
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