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QUESTION
On December 31,2009, when its Allowance for doubtful accounts had a balance of $1,000 , Brite Star Co.
On December 31,2009, when its Allowance for doubtful accounts had a balance of $1,000 , Brite Star Co. estimates that 9% of its acounts receivable balance of $90,000 will become uncollectible and records the necessary adjustment to the Allowance for doubtful accounts. On May 11 2010, Brite Star Co. determined that J. Reno's account was uncollectible and wrote off $1,500. On June 12, 2010, Reno paid the amount previously written off.Prepare the journal entries on December 31, 2009, May 11,2010 and June 12,2010
On December 31,2009, when its Allowance for doubtful accounts had a balance of $1,000 , Brite Star Co. estimates that 9% of its acounts receivable balance of $90,000 will become uncollectible and...