Question: Exercise 7-6 (Static) Recording and reporting allowance for doubtful accounts LO P2 In its first year of operations, Cloudbox has credit sales of $200,000. Its

$200,000. Its year-end balance in accounts receivable is $10,000, and the company

Exercise 7-6 (Static) Recording and reporting allowance for doubtful accounts LO P2 In its first year of operations, Cloudbox has credit sales of $200,000. Its year-end balance in accounts receivable is $10,000, and the company estimates that $1,500 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $22,000, Cash is $14,000, and Prepaid Rent is $3,000. Note. The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Prepare the year-end adjusting entry to estimate bad debts expense. Journal entry worksheet Record the year-end adjusting entry to estimate bad debts expense. Notet Enter debits before credits. repaid Rent is $3,000. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Prepare the year-end adjusting entry to estimate bad debts expense. Journal entry worksheet Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $22,000, Cash is $14,000 Prepaid Rent is $3,000. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Prepare the current assets section of Cloudbox's classifled balance sheet assuming Inventory is $22,000, Cash is $14,000, and Prepaid Rent is $3,000. Note: The company reports Accounts recelvable, net on the balance sheet

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