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Recording and Determining the Effects of Bad Debt Transactions on Income Statement Categories Using the Percentage of Credit Sales MethodDuring the current year, Giatras Electronics recorded credit sales of $680000. Based on prior experience, it estimates a 3.5 percent bad debt rate on credit sales.
Required:
Problem 1. Prepare journal entries for each of the following transactions.
a. On October 28 of the current year, an account receivable for $2,800 from a prior year was determined to be uncollectible and was written off.
b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year.
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