Estimate the bad debts : Lema Company’s net credit sales during the year were $525,000. Bad debts
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Estimate the bad debts : Lema Company’s net credit sales during the year were $525,000. Bad debts have historically amounted to 2% of net credit sales, and current conditions indicate that a 2% bad debt loss is likely for the current year.
Please provide the year-end adjusting entry.
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0078025297
10th edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
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