Al Bakara company report the following results for its calendar year December 31.2021 Cash sales 310,000 Credit sales 220,000 Account receivable 44,000 (debit) Account payable 78,000 (credit) Allowances for doubtful accounts 7,000 (debit) The company bad debts estimated to be 2% of annual total sale. Required: 1- Prepare the adjusting entry to record the estimated bad debt. Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash 120 Cr. Owner capital 120 Bakara company Decembe

Al Bakara company report the following results for its calendar year December 31.2021 Cash sales 310,000 Credit sales 220,000 Account receivable 44,000 (debit) Account payable 78,000 (credit) Allowances for doubtful accounts 7,000 (debit) The company bad debts estimated to be 2% of annual total sale. Required: 1- Prepare the adjusting entry to record the estimated bad debt. Answer in the following format [Note: This is just an example and is not related to the question] Jan 1 Dr. Cash 120 Cr. Owner capital 120 Bakara company Decembe

Name: Al Bakara company report the following results for its calendar year
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Description: Al Bakara company report the following results for its calendar year December 31.2021Cash sales310.000Credit sales220,000Account receivable44,000 (debit)Account payable78,000 (credit)Allowances for doubtful accounts7,000 (debit)The company bad debts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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