Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable
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Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is 4.4%. On June 11, Olena Mirrors identifies one uncollectible account from Nadia White in the amount of $4,265. On September 14, Nadia Chernoff unexpectedly pays $1,732 toward her account. Record journal entries for the following.
A. Year-end adjusting entry for 2017 bad debt
B. June 11, 2018 identification entry
C. Entry for payment on September 14, 2018
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A The journal entry is as follows i Debits 576930 in credit sales ii Credits 623090 bad debt iii Other 1732 bad debt paid in 2017 iv Closing entries 6...View the full answer
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Related Book For 
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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