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1. On December 31, 2018, the Lincoln Corporation estimated that 3% of its credit sales of $215,000 would be uncollectible. Lincoln uses the allowance method

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1. On December 31, 2018, the Lincoln Corporation estimated that 3% of its credit sales of $215,000 would be uncollectible. Lincoln uses the allowance method of accounting for uncollectible accounts. In February 28, 2019, one of Lincoln's customers failed to pay his $2,500 account and was written off. On November 4, 2019, this customer paid Lincoln the $2,500. a. What would be the adjusting journal entry to record the December 31, 2018 uncollectible amount on the financial statements of the Lincoln Corporation? Account Title Debit Credit b. What would be the journal entry to record the February 28, 2019 entry to write off the customer's account? Account Title Debit Credit c. What would be the journal entry to record the reestablishment of the receivable on November 4, 2019? Account Title Debit Credit d. What would be the journal entry to record the collection of the reestablished receivable on November 4, 2019? Account Title Debit Credit e. Assume that the Lincoln Corp. uses the direct write-off method of accounting for uncollectible accounts. What would be the journal entry to record write-off of the customer's account on February 28, 2019? Account Title Debit Credit

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