Hamblin co elects to use the percentage-of-sales basis in, Ask an Expert

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Hamblin Co. elects to use the percentage-of-sales basis in 2014 to record bad debts expense. It estimates that 2% of net credit sales will become uncollectible. Sales revenues are $871,300 for 2014, sales returns and allowances are $53,200, and the allowance for doubtful accounts has a credit balance of $9,490. What would the debit and credit entries be?

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Category:- Accounting Basics
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