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QUESTION
Need accounting help with journal entries and gross accounts
A trial balance before adjustment included the following:
DebitCreditAccounts receivable $156,000 Allowance for doubtful accounts 1,160Sales $444,000Sales returns and allowances 8,200Give journal entries assuming that the estimate of uncollectibles is determined by taking
(1) 6% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(2) 2% of net sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
