2) Choice Clothing completed the following selected transactions during 2019 and 2020:DateTransactions2019Dec. 31Estimated that bad debt expenses for the year was 3% of credit sales of $748,000and recorded that amount as expense.31 Made the closing entry for bad debt expense.2020Feb. 26 Sold inventory to Bruce Jones, $1,412, on credit terms of 2/10, n/30. Ignore thecost of goods sold.29 Wrote off Jones's account as uncollectible after repeated efforts to collect.Received $1.150 from Bruce Jones, along with a letter stating her intention to payher debt in full within 45 days. Reinstated the account in full.Jul,Sep. 6Oct. 21 Received the balance due from Jones.Dec. 31 Made a compound entry to write off the following accounts as uncollectible: SeanRooney, $1,610; Sargent Limited, $3,075; and Linda Lod, $11,580.31Estimated that bad debt expense for the year was 3% of credit sales of $860,000and recorded the expense.31Made the closıng entry for bad debt expense.a Record the transactions in the general journal. Choices records all amounts to the nearestcent. Present all amounts to two decimal places.

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Answered: 2) Choice Clothing completed the…

Business

Accounting

2) Choice Clothing completed the following selected transactions during 2019 and 2020:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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