Business, 22.09.2021 09:10 KillerMDFK7992

Felbin Inc. is in the second quarter of its first year of operations, and it plans to use the allowance method to account for its receivables. The CFO estimates sales for the year will be $4.75 million, with $4.5 million on credit. The tax rate for Felbin is 30%. The CFO asks you to prepare an analysis of what the year-end journal entries might look like under the two different assumptions. Based on your analysis, the CFO will determine which one of the two independent approaches to take when recording bad debts expense at year-end. Using the CFO's estimate of sales and accounts receivable for the year and the information in the exhibits above, prepare the following proposed journal entries for the CFO to review.

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Felbin Inc. is in the second quarter of its first year of operations, and it plans to use the allowa...

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