During the current year, Witz Electric, Inc., recorded credit sales of $800,000. Based on prior experience, it estimates a 2 percent baddebt rate on credit sales.Required:Prepare journal entries for each transaction: (lf no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)a. On September 29 of the current year, an account receivable for $3,000 from March of the current year was determined to beuncollectible and was written off.b. The appropriate bad debt expense adjustment was recorded for the current year.View transaction listJournal entry worksheet2Record the entry to write-off the uncollectible accountNote: Enter debits before credits.DebitTransactionGeneral JournalCreditа.A

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Asked Oct 17, 2019
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During the current year, Witz Electric, Inc., recorded credit sales of $800,000. Based on prior experience, it estimates a 2 percent bad
debt rate on credit sales.
Required:
Prepare journal entries for each transaction: (lf no entry is required for a transaction/event, select "No journal entry required" in the
first account field.)
a. On September 29 of the current year, an account receivable for $3,000 from March of the current year was determined to be
uncollectible and was written off.
b. The appropriate bad debt expense adjustment was recorded for the current year.
View transaction list
Journal entry worksheet
2
Record the entry to write-off the uncollectible account
Note: Enter debits before credits.
Debit
Transaction
General Journal
Credit
а.
A
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During the current year, Witz Electric, Inc., recorded credit sales of $800,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On September 29 of the current year, an account receivable for $3,000 from March of the current year was determined to be uncollectible and was written off. b. The appropriate bad debt expense adjustment was recorded for the current year. View transaction list Journal entry worksheet 2 Record the entry to write-off the uncollectible account Note: Enter debits before credits. Debit Transaction General Journal Credit а. A

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Bad debt expenses are charged to Income statement on the basis of expected percentage at the end of each financial period as per the matching principle.

Any actual bad debt write off is adjusted by deb...

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