Assume that you have a company. And the management estimates that 5% of sales will be...
Homework Answers
Let the credit sales be $100,000
It is given that 5% of credit sales is uncollectible.
Therefore the entry would be
| General journal | Debit | Credit |
|---|---|---|
| Bad debts expense | 5,000 | |
| Allowance for Doubtful Accounts | 5,000 |
(100,000*5%)
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