At December 31 of the current year, a company reported the following: Total sale

Question

At December 31 of the current year, a company reported the following: Total sales for the current year: $6,200,000. Accounts receivable balance at Dec. 31, end of current year: $300,000 Allowance for Doubtful Accounts balance at Dec. 31: $1,600 credit balance Prepare the necessary adjusting entries to record bad debts expense assuming this company's bad debts are estimated to equal: 1% of credit sales. 10% of accounts receivable. Prepare the necessary entry to write off J. Mohr's $1,800 A/R balance. Prepare the necessary entries to record the recovery of J. Mohr's A/R balance when he pays the company at later date.

Explanation / Answer

At December 31 of the current year, a company reported the following: Total sale

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