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Arkana, Inc. has relatively few sales on account and therefore uses the direct write-off method to account for bad debts. Record the following transactions for
Arkana, Inc. has relatively few sales on account and therefore uses the direct write-off method to account for bad debts. Record the following transactions for the month of March in general journal form:
- Writes off the $17,300 Brody account upon receiving notice that Mrs. Brody had filed for total bankruptcy.
- Writes off the Allen receivable of $3,600 after learning of Mr. Allens permanent vacation to a South Pacific island.
- Mrs. Brody inherits millions when a rich aunt passes away. She pays $5,300 cash, and says she willnever be back. (2 entries)
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