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Here are the journal entries to record estimated bad debts using percentage of sales and percentage of receivables methods: 1) Percentage of sales method: Bad Debts Expense 24,000 (1% of $2,400,000 credit sales) Allowance for Doubtful Accounts 24,000 2) Percentage of receivables method: Bad Debts Expense 40,000 (5% of $800,000 receivables) Allowance for Doubtful Accounts 40,000 The difference between the required balance ($40,000) and existing balance ($2

Author

Ethiopia Nism

Language

EN