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My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 9 -- RECEIVABLES AND PAYABLES now.  Problem 3 asks me to use the following information, journalize the necessary entry on December 31,20x3: Cash Sales                                           $200,000 Credit Sales                                         $300,000 Total Sales                                           $500,000 Expected Bad Debts Percentage      1.5 Current credit balance in the allowance account:    $1,500

My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 9 -- RECEIVABLES AND PAYABLES now.  Problem 3 asks me to use the following information, journalize the necessary entry on December 31,20x3: Cash Sales                                           $200,000 Credit Sales                                         $300,000 Total Sales                                           $500,000 Expected Bad Debts Percentage      1.5 Current credit balance in the allowance account:    $1,500

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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My text book is  Hospitality Industry Financial Accounting (4th edition). I am in chapter 9 -- RECEIVABLES AND PAYABLES now. 

Problem 3 asks me to use the following information, journalize the necessary entry on December 31,20x3:

Cash Sales                                           $200,000

Credit Sales                                         $300,000

Total Sales                                           $500,000

Expected Bad Debts Percentage      1.5

Current credit balance in the allowance account:    $1,500

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