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In 2019, Wasson Company recorded net sales totaled $1,300,000, including $800,000 made on credit. Based on prior experience, it estimates a 3 percent bad debt
In 2019, Wasson Company recorded net sales totaled $1,300,000, including $800,000 made on credit. Based on prior experience, it estimates a 3 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. On March 1, 2019, an account receivable for $2,800 from Customer A was determined to be uncollectible and should be written off. b. On December 31, 2019, prepare the adjusting entry to record bad debt expense for the year 2019. View transaction list Journal entry worksheet Record the entry to write-off the uncollectible account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. 16 10 HII Journal entry worksheet
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