At year-end (December 31), Terner Company estimates its bad debts as 0.6% of its annual credit sales of
$858,000. Terner records its Bad Debts Expense for that estimate. On the following February 1, Terner
decides that the $429 account of D. Fidel is uncollectible and writes it off as a bad debt. On June 5, Fidel
unexpectedly pays the amount previously written off. Prepare the journal entries of Terner to record these
transactions and events of December 31, February 1, and June 5.
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