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Prepare journal entries for each transaction

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Question - During the current year, Witz Electric, Inc., recorded credit sales of $750,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales.

Required - Prepare journal entries for each transaction:

a. On September 29 of the current year, an account receivable for $2,500 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.

Reference no: EM133147314

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