2021 Dec 31 Recorded Bad Debt Expense of $15,500 2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible 2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible 2022 August 10 Recovered $1500 from T. Savvy Required Journalize the transactions using the income statement approach to estimate bad debts. Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.
2021 Dec 31 Recorded Bad Debt Expense of $15,500 2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible 2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible 2022 August 10 Recovered $1500 from T. Savvy Required Journalize the transactions using the income statement approach to estimate bad debts. Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
2021 Dec 31 Recorded Bad Debt Expense of $15,500
2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible
2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible
2022 August 10 Recovered $1500 from T. Savvy
Required
Journalize the transactions using the income statement approach to estimate
Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.
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