Recording Bad Debt Expense Estimates and Write-Offs Using the Percentage of Credit Sales Method
During 2011, Crandell Productions, Inc., recorded credit sales of $800,000. Based on prior experience it estimates a I percent bad debt rate on credit sales.
Required:
Prepare journal entries for each transaction:
a. The appropriate bad debt expense adjustment was recorded for the year 2011
b. On December 3 1. 2011, an account receivable for 52.500 from March of the current year was determined to be uncollectible and was written off.
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