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XYZ Company had $50,000 in accounts receivable at the end of the year 2014. The...

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Accounting

XYZ Company had $50,000 in accounts receivable at the end of the year 2014. The allowance for bad debts account had a $200 credit balance. The company uses 2% of accounts receivable (balance sheet approach) as their estimate for bad debts. record the entry to the book for bad debts expense.

XYZ wrote-off $300 of accounts receivable in 2015 that were deemed uncollectible. Prepare a journal entry to record the write-off.

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