Dung the current year, Sun Electronics, incorporated, recorded credit sales of $750,000. Based on prior experience, it estimates a 3 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 $300 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.
Homework Answers
Answer:
| Transaction | Account title and Explanation | Debit | Credit |
| a | Allowance for doubtful accounts | $300 | |
| Accounts receivable | $300 | ||
| [To record written off of uncollectible] | |||
| b | Bad debt expense [$750,000 x 3%] | $22,500 | |
| Allowance for doubtful accounts | $22,500 | ||
| [To record bad debt expense] |
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