What are the journal entries to recognize each of the below events.
a. The firm records bad debt expense of 5% of credit sales, which were $300. The firm uses the Percentage of Credit Sales Method. Journalize bad debt expense.
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Assets
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Liabilities
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Owners' Equity
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Debit
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Credit
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$
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$
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b. The firm subsequently writes-off $10 of receivables. Record the write-off.
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Assets
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Liabilities
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Owners' Equity
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Debit
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Credit
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$
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$
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