Chapters 7,8 & 9 Friday's edition Below are selected transactions related to TJ Noble Corp. March 1 Sold $18,000 of merchandise to Alexander Stray Company, terms 2/10,n/30. March 21 Received payment in full from Alexander Stray Company for balance due on existing accounts receivable. May 20 Wrote off as uncollectible $12,000 of accounts receivable. (The company uses the percentage of receivables basis to estimate bad debts.) June 30 The balance in accounts receivable at the end of the first 6 months is $100,000. The company estimates that 10% of accounts receivable will become uncollectible Al June 30, the credit balance in the allowance account prior to adjustment is $1.000 Record bad debt expense. Sept. 15 One of the accounts receivable written off in May pays the amount due, $8,600 in full. BIELE 7:13 (hp) backspace