Could you please help me solve the accounting below? Please see the attached fil

Question

Could you please help me solve the accounting below? Please see the attached file. Please help to do it step-by-step with all the workings and solutions. Thank you very much!

During the current year, Adams Assembly, Inc., recorded credit sales of $700,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales.

Required:

Prepare journal entries for each transaction: (If 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 $2,800 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. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal

Explanation / Answer

a Allowance for Doubtful accounts 2800       Account receivable 2800 b Bad debts expense 7000 =700000*1%       Allowance for Doubtful accounts 7000

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