During Burns Company's first year of operations, credit sales totaled $168,000 and collections on credit...
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Accounting
During Burns Company's first year of operations, credit sales totaled $168,000 and collections on credit sales totaled $119,000. Burns estimates that bad debt losses will be 1.0% of credit sales. By year-end, Burns had written off $440 of specific accounts as uncollectible. Required: 1. Please help me prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. I have too Show the year-end balance sheet presentation for accounts receivable. Thanks!
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