Q7

During Burns Company's first year of operations, credit sales totaled $164,000 and collections on credit sales totaled $117,000. Burns estimates that bad debt losses will be 1.5% of credit sales. By year-end, Burns had written off $420 of specific accounts as uncollectible. Required: 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year-end balance sheet presentation for accounts receivable.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the entry to write-off specific accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Show the year-end balance sheet presentation for accounts receivable. Partial Balance Sheet