Solved: Wilton inc had net sales in 2010 of 1400000 at december 31, Accounting Basics

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Wilton inc had net sales in 2010 of 1400000 at december 31

1. Wilton, Inc. had net sales in 2010 of $1,400,000. At December 31, 2010, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. If Wilton estimates that 2% of its net sales will prove to be uncollectible, prepare the December 31, 2010, journal entry to record bad debt expense.

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Accounting Basics: Wilton inc had net sales in 2010 of 1400000 at december 31

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