Exercise 7-07 Coronado Company reports the following financial information before adjustments. Dr. Cr. Acco...
Exercise 7-07
Coronado Company reports the following financial information before adjustments.
|
Dr. |
Cr. |
|||||
|---|---|---|---|---|---|---|
|
Accounts Receivable |
$138,100 | |||||
|
Allowance for Doubtful Accounts |
$2,970 | |||||
|
Sales Revenue (all on credit) |
845,000 | |||||
|
Sales Returns and Allowances |
53,310 | |||||
Prepare the journal entry to record bad debt expense assuming
Coronado Company estimates bad debts at (a) 4% of accounts
receivable and (b) 4% of accounts receivable but Allowance for
Doubtful Accounts had a $1,410 debit balance. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
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Exercise 7-07 Coronado Company reports the following financial information before adjustments. Dr. Cr. Acco...
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