During the current year, Witz Electric, Inc., recorded credit sales of $1,300,000. Based on prior experience,...
During the current year, Witz Electric, Inc., recorded credit sales of $1,300,000. 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 September 29 of the current year, an account receivable for
$4,000 from March of the current year was determined to be
uncollectible and was written off.
b. The appropriate bad debt expense adjustment was recorded for the current year.
Homework Answers
(a)-The Journal entry to record the write-off the Uncollectible accounts
|
Transaction |
General Journal |
Debit |
Credit |
|
(a) |
Allowance for doubtful accounts A/c |
4,000 |
|
|
To Accounts Receivables A/c |
4,000 |
||
(b)-The Journal entry to record the Bad Debt expenses
|
Transaction |
General Journal |
Debit |
Credit |
|
(a) |
Bad Debt Expenses A/c |
13,000 |
|
|
To Allowance for doubtful accounts A/c [$1,300,000 x 1.00%] |
13,000 |
||
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