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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.
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Make assumptions only in case you feel a desperate need to do so. Look at secondary sources of data available on net, and asses Yes Bank
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