Question 2 Weili's Wildflowers uses the percentage of credit sales method to estimate bad...

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Accounting

Question 2
Weili's Wildflowers uses the percentage of credit sales method to estimate bad
debt expense. Weili records credit sales of $500,000 for the current year, and
estimates 5% of sales will be uncollectible.
Record the journal entries for the following transactions:
A customer informs Weili that they will be unable to pay their $500 debt.
Dr.
Cr.
Weili records bad debt expense for the year.
Dr.
Cr.
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