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Prepare the journal entry to record bad debt expense

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Reference no: EM131324428

Vaughn Company reports the following financial information before adjustments.

  Dr. Cr.
Accounts Receivable $155,400
Allowance for Doubtful Accounts   $3,890
Sales Revenue (all on credit)   800,700
Sales Returns and Allowances 50,330

Prepare the journal entry to record bad debt expense assuming Vaughn Company estimates bad debts at (a) 4% of accounts receivable and (b) 4% of accounts receivable but Allowance for Doubtful Accounts had a $1,470 debit balance.

Reference no: EM131324428

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