W P5-22 (similar to) Question Help Great Lakes Co. (GLC) uses the percentage of sales...
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W P5-22 (similar to) Question Help Great Lakes Co. (GLC) uses the percentage of sales method for estimating bad debts for monthly reporting purposes. On January 1, 2020, the allowance for doubtful accounts balance was $5,500 Cr. GLC had credit sales of $150,000 for the month of January, and, in the past, 1.8% of credit sales had not been collected. During the month, the company wrote off $4,000 of accounts receivable relating to bankrupt customers. Required What should be the balance in the allowance for doubtful accounts on January 31? Complete the T-account below. (List the amounts as they occurred during the month. Do not check your answer until the T-account is complete.) Allowance for Doubtful Accounts
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