Prepare journal entries for each transaction: Note: If no entry is required for a transaction/event, select No
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Prepare journal entries for each transaction: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. On September 29, an account receivable for $3,400 was determined to be worthless and written off. 2. The company estimates 2% of credit sales are uncollectible. At year-end (December 31), it recorded the appropriate bad debt expense adjustment. Credit sales for the year were $800,000. On December 30, there were $600 of accounts receivable not yet collected and the balance in the allowance for doubtful accounts was $14.
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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