1. Accounting for Bad Debts
Badger recorded $500,000 of net sales for the year of which 2% is estimated to be uncollectible.
Prepare the journal entry at the end of the year to record bad debts.
2. Accounts Receivable Turnover Hawkeye recorded sales of $240,000 for the year. Accounts receivable amounted to $40,000 at the beginning of the year and $20,000 at the end of the year. Compute the company’s accounts receivable turnover for the year