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