During the current year, Giatras Electronics recorded credit sales of $710,000. Based on prior experience,...
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Accounting
During the current year, Giatras Electronics recorded credit sales of $ Based on prior experience, it estimates a percent bad debt rate on credit sales
Required:
Prepare journal entries for each of the following transactions.
a On October of the current year, an account receivable for $ from a prior year was determined to be uncollectible and was written off.
b At yearend, the appropriate bad debt expense adjustment was recorded for the current year.
Complete the following table, indicating the amount and effect for each transaction.
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