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Business
Accounting
Dr.   Cr. Accounts Receivable   $ 165,800         Allowance for Doubtful Accounts         $ 3,730   Sales Revenue (all on credit)         840,900   Sales Returns and Allowances   52,650 Prepare the journal entry to record bad debt expense assuming Novak Company estimates bad debts at (a)  5% of accounts receivable and (b)  5% of accounts receivable but Allowance for Doubtful Accounts had a $ 1,380 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) enter an account title ? ?   Allowance for doubtful accounts ? ? (b) enter an account title ? ?   enter an account title ? ?

Dr.   Cr. Accounts Receivable   $ 165,800         Allowance for Doubtful Accounts         $ 3,730   Sales Revenue (all on credit)         840,900   Sales Returns and Allowances   52,650 Prepare the journal entry to record bad debt expense assuming Novak Company estimates bad debts at (a)  5% of accounts receivable and (b)  5% of accounts receivable but Allowance for Doubtful Accounts had a $ 1,380 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) enter an account title ? ?   Allowance for doubtful accounts ? ? (b) enter an account title ? ?   enter an account title ? ?

FINANCIAL ACCOUNTING
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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Dr.
  
Cr.
Accounts Receivable
   $ 165,800        
Allowance for Doubtful Accounts
         $ 3,730  
Sales Revenue (all on credit)
         840,900  
Sales Returns and Allowances
   52,650

Prepare the journal entry to record bad debt expense assuming Novak Company estimates bad debts at (a)  5% of accounts receivable and (b)  5% of accounts receivable but Allowance for Doubtful Accounts had a $ 1,380 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)
enter an account title
?
?
 
Allowance for doubtful accounts
 ? ?
(b)
enter an account title
 ? ?
 
enter an account title
?
 ?
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