During the current year, Witz Electric, Inc., recorded credit sales of $770,000. Based on prior experience,...
During the current year, Witz Electric, Inc., 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 September 29 of the current year, an account receivable for $2,600 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.
1 Record the entry to write-off the uncollectible account.
2 Record the entry for bad debt expense.
Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| a | Allowance for doubtful accounts | 2600 | |
| Account receivable | 2600 | ||
| (To record write off) | |||
| b | Bad debt expense (770000*2%) | 15400 | |
| Allowance for doubtful accounts | 15400 | ||
| (To record bad debt expense) |
Add Answer to:
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