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During Burns Company's first year of operations, credit sales totaled $152,000 and collections on credit...

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Accounting

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During Burns Company's first year of operations, credit sales totaled $152,000 and collections on credit sales totaled $111,000. Bums estimates that bad debt losses wil be 1 5% of credit sales By year-end, Burns had written off $360 of specific accounts as uncollectible. Required 1.Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to write-off specific accounts. Note: Enter debits before credits Transcation General Journal Debit Credit Clear entry View general journal Record entry

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