i need help comparing my answers for the attached question
i need help comparing my answers for the attached question
Flip Company at the end of the fiscal 2014 year has the following information: Credit Sales,$2,500,000 Sales Returns & Allowances $25,000 Accounts Receivable $200,000 and Allowancefor Doubtful Accounts with a credit of $1,500.Required:a. Prepare the general journal entry to record the end of the year adjusting entry if Flipuses 0.5% of Net Credit Sales as the basis for determining Bad Debt Expense.b. Prepare the general journal entry to record the end of the year adjusting entry if Flipuses 5% of Accounts Receivable as the basis for determining Bad Debt Expense.Question 6: Suggested time 10 minutes: 4 points:DateAccountDebitCredit
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