During burns company's first year of operations, credit sales totaled $180,000 and collections on credit sales totaled $125,000. burns estimates that bad debt losses will be 1.0% of credit sales. by year-end, burns had written off $500 of specific accounts as uncollectible. required: 1. prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. show the year-end balance sheet presentation for accounts receivable.
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During burns company's first year of operations, credit sales totaled $180,000 and collections on cr...
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