The account balances of Wildhorse Company at December 31, 2024, the end of the current year, show Accounts Receivable $169,200; Allowance for Doubtful Accounts $2.100 (credit): Sales $1,337,800; Sales Returns and Allowances $50,000; and Sales Discounts $18,800. (a) 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 and enter O for the amounts. List debit entry before credit entry) Date: Account Titles Debit Credit
The account balances of Wildhorse Company at December 31, 2024, the end of the current year, show Accounts Receivable $169,200; Allowance for Doubtful Accounts $2.100 (credit): Sales $1,337,800; Sales Returns and Allowances $50,000; and Sales Discounts $18,800. (a) 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 and enter O for the amounts. List debit entry before credit entry) Date: Account Titles Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The account balances of Wildhorse Company at December 31, 2024, the end of the current year, show Accounts Receivable
$169,200; Allowance for Doubtful Accounts $2,100 (credit): Sales $1,337,800; Sales Returns and Allowances $50,000; and Sales
Discounts $18,800.
(a)
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 and enter O for the amounts. List debit entry before credit entry)
Date Account Titles
Dec. 31
Debit
Credit
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