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Prepare all appropriate journal entries

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Question - During Burns Company's first year of operations, credit sales totaled $140,000 and collections on credit sales totaled $105,000. Burns estimates that bad debt losses will be 1.5% of credit sales. By year-end, Burns had written off $300 of specific accounts as uncollectible.

Required:

a. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense.

b. Show the year-end balance sheet presentation for accounts receivable.

Reference no: EM132058127

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