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During Burns Company's first year of operations, credit sales totalled $140,000 and collections on credit sales totalled $105,000. Burns estimates that bad debt losses will be 105% of credit sales. By year-end, Burns had written off $300 of specific accounts as uncollectible.

Required:

a. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense.

b. Show the year-end balance sheet presentation for accounts receivable.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9276276

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