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Exercise 9-17(Static) Estimating bad debts LO P3 At December 31, Folgeys Coffee Company...

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Accounting

Exercise 9-17(Static) Estimating bad debts LO P3
At December 31, Folgeys Coffee Company reports the following results for its calendar year.
Cash sales
$900,000300,890
Credit sales
380,80
Its year-end unadjusted trial balance includes the following items.
Accounts receivable
$125, Be0 debit
Allowance for doubtful accounts
5,000 debit
Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1)3% of credit sales, (2)1% of total sales and (3)6% of year-end accounts receivable.
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