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What is net amount expected to be collected of receivables

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Reference no: EM132686695

Company X had the following information before adjustments:

Accounts receivable $230,000 (debit balance)
Allowance for doubtful accounts $3400 (credit balance)
Sales revenue (on credit) $1,580,000 (credit balance)
Sales returns and allowances $85,000 (debit balance)

Problem 1: Prepare the journal entry to record bad debt expense if the company estimates it to be 3% of receivables. Now assume the company determines that $3,000 will never be received. Prepare the journal entry to record the write-off. What is the net amount expected to be collected of the receivables after the write-off?

Reference no: EM132686695

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