Question: Required:Using the following information, journalize the necessary entry on December 3 1 , 2 0 X 3 :Cash SalesCredit SalesTotal SalesExpected Bad Debts PercentageCurrent credit

Required:Using the following information, journalize the necessary entry on December 31,20X3:Cash SalesCredit SalesTotal SalesExpected Bad Debts PercentageCurrent credit balance in the allowance account:$ 200,000300,000500,0001.5$ 1,500Question 1The Downtown Restaurant uses the percentage of sales method of estimating bad debts.

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