Give the entry for bad debt expense for the current year assuming allowance for doubtful...
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Accounting
Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $1,955 but it is a credit balance and the allowance should be 5% of gross accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $1,955 but it is a credit balance and historical records show that the following percentages will not be collected: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding Balance $34,500 47,800 13,800 9,100 Percentage Estimated to Be Uncollectible 1% 5% 12% 18% Account Titles and Explanation Debit Credit
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