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During Burns companies first year of operations, credit sales totaled,$140,000 and collections on credit sales totaled $105,000. Burns estimates that bad debt losses wil be
During Burns companies first year of operations, credit sales totaled,$140,000 and collections on credit sales totaled $105,000. Burns estimates that bad debt losses wil be 1.5% of credit sales. by year end burns had written off $300 of specific accounts as uncollectible. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. Show the year end balance sheet presentation for accounts receivable
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