\#2 (6 points) At December 31 of the current year, a company reported the following:...
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\#2 (6 points) At December 31 of the current year, a company reported the following: Total sales for the current year: $6,120,000. Accounts receivable balance at Dec. 31, end of current year: $450,000 Allowance for Doubtful Accounts balance at Dec. 31: 2,000 debit 1. Prepare the necessary adjusting entries to record bad debts expense assuming this company's bad debts are estimated to equal: (a) 3% of credit sales. (b) 6% of accounts receivable. 2. Prepare the necessary entry to write off J. Mohr's $950A/R balance. 3. Prepare the necessary entries to record the recovery of J. Mohr's A/R balance when he pays the company at later date. Show work below
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