On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts. During
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On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts. During 2018, Monty has net credit sales of $250,000. On December 31, 2018 Monty has a balance in accounts receivables of $100,000. Monty estimates that 3% of receivables will prove uncollectable. What is the adjusting journal entry that Monty should make based on this information?
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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