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During the current year SBG Fuel Company recorded credit sales of $3,000,000. Based on prior experience it estimates a 2 percent bad debt rate on credit sales. The beginning balance for the current year for the Allowance for Doubtful Accounts was $70,000.
Required:
Prepare journal entries for each transaction:
a. On Sept 1 of the current year, an Accounts Receivable of $15,000 was determined to not be collectable and was written off.
b. On Oct 15 of the current year, an Accounts Receivable of $2,000 was determined to not be collectable and was written off.
c. At the end of the year the appropriate bad debt expense was recorded for the current year.
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