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Construct all appropriate journal entries

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Question - During Burns Company's first year of operations, credit sales totaled $158,000 and collections on credit sales totaled $114,000. Burns estimates that bad debt losses will be 1.5% of credit sales. By year-end, Burns had written off $390 of specific accounts as uncollectible.

Required -

1. Construct all appropriate journal entries relative to uncollectible accounts and bad debt expense.

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

Reference no: EM132859183

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