During the current year, a company recorded credit sales of $770,000. Based on prior experience,...
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During the current year, a company recorded credit sales of $770,000. Based on prior experience, it estimates a 3 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On November 13 of the current year, an account receivable for $300 from a prior year was determined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year. View transaction list Journal entry worksheet 2 1 Record the entry to write-off the uncollectible account Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal
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