Bad Debt Expense: Percentage of Credit Sales Method Gilmore Cash sales Credit sales Accounts receivable determined to be uncollectible The firm's estimated rate for bad debts is 2.2% of credit sales. Required: Electronics had the following data for a recent year: 1. Prepare the journal entry to write off the uncollectible accounts. If an amount box does not require an entry, leave it blank. (Record write-off of defaulted account) $135,000 512,000 9,650 2. Prepare the journal entry to record the estimate of bad debt expense. If an amount box does not require an entry, leave it blank. 88 Record adjusting entry for bad debt expense estimate
Bad Debt Expense: Percentage of Credit Sales Method Gilmore Cash sales Credit sales Accounts receivable determined to be uncollectible The firm's estimated rate for bad debts is 2.2% of credit sales. Required: Electronics had the following data for a recent year: 1. Prepare the journal entry to write off the uncollectible accounts. If an amount box does not require an entry, leave it blank. (Record write-off of defaulted account) $135,000 512,000 9,650 2. Prepare the journal entry to record the estimate of bad debt expense. If an amount box does not require an entry, leave it blank. 88 Record adjusting entry for bad debt expense estimate
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 66E: Bad Debt Expense: Percentage of Credit Sales Method Gilmore Electronics had the following data for a...
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