1. In the journal provided, prepare the entries for the following transactions. (Omit explanations.) Dec. Sold merchandise on account to Katurah Wells for $600. 1 12 31 Received payment of $400 from Katurah Wells. Made adjusting entry for Uncollectible Accounts Expense, using the percentage of net sales method. Net sales for the year totaled $14,000, uncollectible accounts are estimated at 2 percent, and Allowance for Uncollectible Accounts has a $50 credit balance prior to adjustment. Feb. 5 Wrote off Katurah Wells's balance because she filed for bankruptcy 17 Unexpectedly received the $200 from Katurah Wells. General Journal Description Date Post. DebitCredit Ref 2. Ronald Company has current assets of $115,000 and current liabilities of $75,000 of which accounts payable are $65,000. Arnold's cost of goods sold is $420,000, its merchandise inventory increased by $20,000, and accounts payable were $45,000 the prior year. Calculate Ronalds working capital, payables turmover, and days' payable. Show ALL calculations. Working Capital: Payables Turnover Days' Payable