Question
Christy Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Ignore any cost of goods sold entry
Christy Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Ignore any cost of goods sold entry in the sales transactions. Jan Apr Aug Sold merchandise to Amy Fergenbaum for $1,000, terms n/15. 5 15 Received $200 from Amy Fergenbaum on account. 21 Wrote off as uncollectible the balance of the Amy Fergenbaum account when she declared bankruptcy. Oct 5 Unexpectedly received a cheque for $250 from Amy Fergenbaum. Christy does not expect to receive any more payments from Fergenbaum
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