The trial balance before adjustment of Buffalo Inc. shows the following balances. Dr. Cr. Accounts...
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Accounting
The trial balance before adjustment of Buffalo Inc. shows the following balances.
Dr. Cr. Accounts Receivable $95,900 Allowance for Doubtful Accounts 3,260 Sales Revenue (all on credit) $656,600
Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,532 credit balance.
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