Exercise 9-07 At December 31, 2019, Wildhorse Company had a credit balance of $16,300 in...
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Accounting
Exercise 9-07 At December 31, 2019, Wildhorse Company had a credit balance of $16,300 in Allowance for Doubtful Accounts. During 2020, Wildhorse wrote off accounts totaling $11,500. One of those accounts ($2,600) was later collected. At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $25,200. Prepare journal entries to record the 2020 transactions of Wildhorse Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record amount written off) To reverse write-off) To record collection of writeoff) (To record estimated bad debts for the year) Click if you would like to Show Work for this question: Open Show Work
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