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Prepare general journal entries to record the following transactions for the Fulton Compan

Prepare general journal entries to record the following transactions for the Fulton Company. (The company uses the balance sheet approach for recording bad debts expense.)

 

2010

Dec. 31 Recorded Bad Debts Expense, $1,200

 

2011

Jan. 3 Wrote off b) Jals' account as uncollectible, $50

Mar. 4 Wrote off a) Hall's account as uncollectible, $75

Jul. 5 Recovered $40 from a) Hall

Aug. 19 Wrote off M. Wilson's account as uncollectible, $130

Nov. 7 Recovered $25 from b) Jals

26) Describe and contrast the procedures for estimating uncollectible accounts under the (a) income statement approach, (b) the balance sheet approach, and (c) the direct write-off approach.

Dec 07 2019 Read more Less More

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