Coyote reported $1,200,000 of credit sales in 2022. Based on its prior experience, it was estimated that 1% of

Coyotes credit sales will not be collectible.

On 11/4/2022, Coyote wrote off $700 of Accounts Receivable from a customer who was in financial difficulty.

Instructions: Prepare any necessary journal entries

1. for bad debt expenses for 2022 and
2. accounts receivable written off on 11/4/2022.