4. Geranium Company uses the allowance method for estimating uncollectible accounts expense. Prepare journal entries to record the following transactions: January 5 April 15 August 21 Sold merchandise to Magnolia Company for $1,500 on terms of n/15. Received $400 from Magnolia Company in settlement of accounts receivable. Wrote off as uncollectible the balance of Magnolia Company account when it declared bankruptcy, Unexpectedly received a check for $550 from Magnolia Company. October 5