value: 4.00 points During the current year, Sun Electronics, Incorporated, recor

Question

value: 4.00 points During the current year, Sun Electronics, Incorporated, recorded credit sales of $790,000. Based on prior experience, it estimates a 1 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 $430 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. Transactio General Journal DebitCredit a. Record entry Clear entry View general journal

Explanation / Answer

a.

Allowance for doubtful accounts $430  

To accounts receivable $430

b.

Baddebt expense $7900

To allowance for doubtful accounts $7900.

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