The journal entries are shown below:
Bad debt expense A/c Dr $3,378
To Allowance for doubtful debts A/c $3,378
(Being bad debt expense is recorded)
Allowance for doubtful debts A/c Dr $4,510
To Account receivable A/c $4,510
(Being written off amount is recorded)
2. The computation of the net sales is shown below:
= Gross sales - sales discount - sales return - credit card fees
= $140,756 - $1,344 - $996 - $2,129
= $136.287
A journal entry is the act of preserving or making facts of any transactions either monetary or non-monetary. Transactions are indexed in an accounting magazine that shows a organization's debit and credit score balances. The magazine entry can include numerous recordings, every of which is both a debit or a credit.
A journal entry is used to record a commercial enterprise transaction in the accounting information of a commercial enterprise. A magazine entry is commonly recorded in the trendy ledger; as a substitute, it can be recorded in a subsidiary ledger that is then summarized and rolled ahead into the general ledger.
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