Vaughn Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts $3,890 Sales Revenue (all on credit) 800,700 Sales Returns and Allowances 50,330 Prep
Vaughn Company reports the following financial information before adjustments.
Dr. | Cr. | |||||
| Accounts Receivable | $155,400 | |||||
| Allowance for Doubtful Accounts | $3,890 | |||||
| Sales Revenue (all on credit) | 800,700 | |||||
| Sales Returns and Allowances | 50,330 | |||||
Prepare the journal entry to record bad debt expense assuming Vaughn Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,470 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
| (a) | |||
| (b) | |||
10 years ago 3
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