Burl Brothers provided the following information regarding its accounts receivable at the beginning of the current year:
Accounts receivable…………………………… $ 1,320,000
Allowance for doubtful accounts…………….. ( 320,000)
Net realizable value …………………………... $ 1,000,000
The company reported net credit sales of $ 21,000,000 during the year, of which it collected $ 9,900,000. The company wrote off $ 51,000 of actual bad debts for the year. Burl Brothers estimates the allowance for doubtful accounts at 4% of the ending accounts receivable balance. Prepare the journal entry to record the year- end adjusting entry for the bad deb

Answer rating: 100% (QA)

Required solution Ending accounts receivables Beginni... View the full answer