During the current year, Sun Electronics, Incorporated, recorded credit sales of

Question

During the current year, Sun Electronics, Incorporated, recorded credit sales of $710,000. 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 November 13 of the current year, an account receivable for $390 from a prior year was determined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year. 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 Record entry Clear entry View general journal

Explanation / Answer

TR General Journal Debit Credit a) Allowance for uncollectible account 390 Accounts receivable 390 b) Bad debts expense 21300 allowance for uncollectible account 21,300 (710,000*3%)

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.