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During 2014, Sun Electronics, Incorporated, recorded credit sales of $740,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales.
During 2014, Sun Electronics, Incorporated, recorded credit sales of $740,000. Based on prior experience, it estimates a 1 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. | The appropriate bad debt expense adjustment was recorded for the year 2014. |
b. | On December 31, 2014, an account receivable for $320 from a prior year was determined to be uncollectible and was written off. |
View transaction list Journal entry worksheet 2 1 The appropriate bad debt expense adjustment was recorded for the year 2014 Note: Enter debits before credits. Transaction General Journal Debit Credit a. View general journal Record entry Clear entry View transaction list Journal entry worksheet 1 2 On December 31, 2014, an account receivable for $320 from a prior year was determined to be uncollectible and was written off. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal
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