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During the current year, Giatras Electronics recorded credit sales of $710,000. Based on prior experience,...

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Accounting

During the current year, Giatras Electronics recorded credit sales of $710,000. Based on prior experience, it estimates a 3.0 percent bad debt rate on credit sales
Required:
1. Prepare journal entries for each of the following transactions.
a. On October 28 of the current year, an account receivable for $2,100 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.
2. Complete the following table, indicating the amount and effect for each transaction.

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