Business, 12.10.2021 03:30, dootdootkazoot
During the current year, Giatras Electronics recorded credit sales of $680,000. Based on prior experience, it estimates a 3.5 percent bad debt rate on credit sales.
Required:
Prepare journal entries for each of the following transactions.
a. On October 28 of the current year, an account receivable for $3,000 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.
Answers: 2
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