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BE7-5 Use the information presented in BE7-4 for Wilton, Inc.

(a) Instead of estimating the uncollectibles at 2% of net sales, assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense.

(b) Instead of estimating uncollectibles at 2% of net sales, assume Wilton prepares an aging schedule that estimates total uncollectible accounts at $24,600. Prepare the entry to record bad debt expense.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9404156

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