The account balances of Sheridan Company at December 31, 2024, the end of the current year, show Accounts Receivable $154,800; Allowance for Doubtful Accounts $1,900 (credit); Sales $1,218,200; Sales Returns and Allowances $40,000; and Sales Discounts $17,200. (a) Your answer is partially correct. Record the adjusting entry at December 31, 2024, assuming uncollectible accounts are estimated to be 10% of accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles Date Account Titles Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts Debit 139320 Credit 139320
The account balances of Sheridan Company at December 31, 2024, the end of the current year, show Accounts Receivable $154,800; Allowance for Doubtful Accounts $1,900 (credit); Sales $1,218,200; Sales Returns and Allowances $40,000; and Sales Discounts $17,200. (a) Your answer is partially correct. Record the adjusting entry at December 31, 2024, assuming uncollectible accounts are estimated to be 10% of accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles Date Account Titles Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts Debit 139320 Credit 139320
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:The account balances of Sheridan Company at December 31, 2024, the end of the current year, show Accounts Receivable $154,800; Allowance for Doubtful Accounts $1,900 (credit); Sales $1,218,200; Sales Returns and Allowances $40,000; and Sales Discounts $17,200.
(a)
- Your answer is partially correct.
Record the adjusting entry at December 31, 2024, assuming uncollectible accounts are estimated to be 10% of accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles an
Date
Dec. 31
Account Titles
Bad Debt Expense
Allowance for Doubtful Accounts
Debit
139320
Credit
139320
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