Clarissa company has credit sales of 550000 during 2013 and

Reference no: EM13594067

Clarissa Company has credit sales of $550,000 during 2013 and estimates at the end of 2013 that 2.5% of these credit sales will eventually default. Also, during 2013 a customer defaults on a $775 balance related to goods purchased in 2012. Prior to the write-off for the $775 default, Clarissa's accounts receivable and allowance for doubtful accounts balances were $402,000 and $129 (credit), respectively.

Required:

1. Prepare the journal entry to record the defaulted account.

2. Prepare the adjusting entry to record the bad debt expense for 2013.

Reference no: EM13594067

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