Dec. 31: Estimated that bad debts expense for the year was 3% of credit sales of $430,000 and recorded that amount as expense. Accounts and Explanation Date 2018 Debit Credit Dec. 31 (Adj.) Dec. 31: Made the closing entry for bad debts expense. Date 2018 Dec. 31 (Clos.) Accounts and Explanation Debit Credit Now record the 2019 transactions in the general journal. Jan. 17: Sold inventory to Manny Vasquez, $1,300, on account. Ignore Cost of Goods Sold. Date 2019 Jan. 17 Accounts and Explanation Debit Credit