During the current year, sun electronics, incorporated, recorded credit sales of $770,000. based on prior experience, it estimates a 2 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 $340 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.
record the entry to write-off the uncollectible account.

Fanning books buys books and magazines directly from publishers and distributes them to grocery stores. the wholesaler expects to purchase the following inventory: april may june required purchases (on account) $ 111,000 $ 131,000 $ 143,000 fanning books accountant prepared the following schedule of cash payments for inventory purchases. fanning books suppliers require that 85 percent of purchases on account be paid in the month of purchase; the remaining 15 percent are paid in the month following the month of purchase. required complete the schedule of cash payments for inventory purchases by filling in the missing amounts. determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.