Business, 27.07.2021 19:10 SoccerHalo

At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $918,000
Credit sales 318,000

Its year-end unadjusted trial balance includes the following items.

Accounts receivable $143,000 debit
Allowance for doubtful accounts 6,800

Required:
Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 5% of credit sales, (2) 3% of total sales and (3) 8% of year-end accounts receivable.

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At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sa...

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