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During 2014, Sun Electronics, Incorporated, recorded credit sales of $730,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales.
Required:
Prepare journal entries for each transaction: (If no entry is required for a transactionlevent,select No journal entry required; in the first account ?eld.)
Question a. The appropriate bad debt expense adjustment was recorded for the year 2014.
Question b. On December 31, 2014, an account receivable for $360 from a prior year was determined to be uncollectible and was written off. View transaction list Journal entry worksheet The appropriate bad debt expense adjustment was recorded for the year 2014.
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