Question 1During the year ended December 31,2020, Precision Camera Equipment had sales revenue of$152,000, of...
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Accounting
Question During the year ended December Precision Camera Equipment had sales revenue of$ of which $ was on credit. At the start of Accounts Receivable showed a$ debit balance, and the Allowance for Doubtful Accounts showed an $ credit balance.Collections of accounts receivable during amounted to $Use the following data for to answer the questions:a On December a customer balance of $ from a prior year was determined tobe uncollectible, so it was written off.b On December a decision was made to continue the accounting policy of basingestimated bad debt losses on percent of credit sales for the year.Requirement : Marks Prepare the required journal entries for the two events in December If no entry isrequired write No journal entry requiredRequirement : MarksShow how the amounts related to Accounts Receivable and Bad Debt Expense would be reportedon the balance sheet and income statement for Amounts to be deducted should be in
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