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How to uses allowance procedure to record bad debt expense

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Reference no: EM13511639

Gilmore Electronics had the following data for a recent year:
Cash sales ............................................................$ 26,700
Credit sales ........................................................... 428,600
Accounts receivable determined to be uncollectible ............ 6,300
Gilmore uses the allowance procedure to record bad debt expense. The firm's estimated rate for bad debts is 2.15 percent of credit sales.

Required:
1. Prepare the journal entry to write off the uncollectible accounts.
2. Prepare the journal entry to record bad debt expense.

 

Reference no: EM13511639

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