The Branson Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred:
Mar 7 Branson Company determined that the $2,000 account receivable of the Bing Company was uncollectible, and wrote it off.
Jun 9 Bing Company paid $1,500 of the amount owed to the Branson Company. Branson Company does not expect further collections from the Bing Company.
Dec 31 Branson Company estimates that 1.5% of its $900,000 of credit sales will be uncollectible.
Prepare the general journal entries to record these transactions.

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The Answer of The Branson Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred:
Mar 7 Branson Company determined that the $2,000 account receivable of the Bing Company was uncollectible, and wrote it off.
Jun 9 Bing Company paid $1,500 of the amount owed to the Branson Company. Branson Company does not expect further collections from the Bing Company.
Dec 31 Branson Company estimates that 1.5% of its $900,000 of credit sales will be uncollectible.
Prepare the general journal entries to record these transactions.

The Branson Company Uses the Percent of Sales Method of Accounting