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WileyPLUS https://edugen wileyplus.com/edugen/student/mainf.uni 90% Qwileyplus PLUS I Help Contact Us I Log Out WileyPLUS Weygandt, Financial Accounting, 10e FINANCIAL ACCOUNTING (ACC 2000) Home Read, Study& Practice Gradebok ORIONDownloadable eTextbook Assignment Open Assignment CALCULATOR MESSAGE MY INSTRUCTOR FUILL SCREEN PRINTER VERSION BACK NEXT> ASSIGNMENT RESOURCES Brief Exercisc 8-6 Chapter9 Cullumber Company uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,550. Submission Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Exercise Account Titles nd Explanation Debit Credit Review Results by If the allowance for doubtful accounts had a debit balance of $790 instead of a credit balance of $1,550, determine the amount to be reported for bad debt expense. Bad Debt Expense Click if you would like to Show Work for this question: Question Attempts: O of 3 used SAVE FOR LATER SUBMIT ANSWER All Rights Reserved. A Division of Version 4.24.24 O Type here to search 11:42 PM 11/4/2017 4

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Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up   Statementshowing Computations Paticulars Amount Accounts receivable                   420,000.00 Allowance for doubtful accounts required = 420,000*1%                       4,200.00 Existing credit balance in allowance for doubtful account                       1,550.00 More allowance required                       2,650.00 Dr Cr Bad Debts Expense Dr                       2,650.00 To Allowance for Doubtful Accounts                2,650.00 Allowance for doubtful accounts required = 420,000*1%                       4,200.00 Existing debit balance in allowance for doubtful account                         (790.00) More allowance required                       4,990.00 Bad Debt Expene                       4,990.00

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