Current Attempt in Progress

The percentage of receivables approach to estimating bad debt expense is used by Ivanhoe Auto Supply Company. On February $28($the fiscal year$-$end$),$ the firm had accounts receivable in the amount of $$518,000$ and Allowance for Doubtful Accounts had a credit balance of $$5,160$ before adjustment. Net credit sales for February amounted to $$3,220,000.$ The credit manager estimated that uncollectible accounts would amount to $5\%$ of accounts receivable. On March $10,$ an accounts receivable from Tom Jones for $$2,900$ was determined to be uncollectible and written off. However, on March $31,$ Jones received an inheritance and immediately paid his past due account in full.

$($a$)$

Prepare the journal entries made by Ivanhoe Auto Supply Company on the following dates: $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

February $28$

$M$ March $10$

March $31$

Date

Account Titles and Explanation

Debit

Credit