Else Company has been in business several years. At the end of the current year, the ledger shows:
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Accounts Receivable
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$ 310,000 Dr.
|
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Sales Revenue
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2,200,000 Cr.
|
|
Allowance for Doubtful Accounts
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5,700 Cr.
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Bad debts are estimated to be 7% of receivables. Prepare the entry to adjust the Allowance for Doubtful Accounts.