During 2019, Bold Fashion, Inc., recorded credit sales of $790,000. Based on prior experience, the...
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Accounting
During 2019, Bold Fashion, Inc., recorded credit sales of $790,000. Based on prior experience, the company estimates a 3 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
a. On May 12, 2019, an account receivable of $2,500 from the prior period was determined to be uncollectible and was written off.
b. Record the bad debt expense for 2019 using the Percentage of Credit Sales method.
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