Jan 17 Jun 29 Aug 6 Sold inventory to Quinn Venture, $1,100, on account. Ignore cost of goods sold Wrote off the Quinn Venture account as uncollectible after repeated efforts to collect from him. Received $250 from Quinn Venture, along with a letter stating his intention to pay within 30 days; Reinstated his account in full. Received the balance due from Quinn Venture, Made a compound entry to write off the following accounts as uncollectible: Brody Conrad, $500; Titus McKay, $200, and Susie Stein, $800. Based on an aging of accounts receivable, estimated uncollectible accounts as $3,700. Sep 4 Oct 31 Dec 31 Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt experie ledger accounts that have been opened for you. These accounts have beginning balances of $3,600 (er) and $0, respectively. Remember to update account balances but ignore posting references Bogin by recording the transactions in the journal (Record debits first, then credits. Exclude explorations from any journal entries.) Jan 17: Sold Inventory to Quinn Venture, $1,100 on account ignore cost of goods sold Date Debit Journal Entry Accounts 17| Accounts receivable - Quinn Venture Sales revenue Credit 1100 Jan 1100 Jun 29: Wrote off the Quinn Venture account as uncollectible after repeated efforts to collect from him. Debit Credit Date Journal Entry Accounts 29 Allowance for uncollectible accounts Accounts receivable - Quinn Venture Jun 1100 ules ussid bus Aug 6: Received $250 from Quinn Venture, along with a letter stating his intention to pay within 30 days. Reinstated his account in full Begin by preparing the entry to reinstate the account. (Do not record the receipt of cash, this will be recorded in the next entry) Journal Entry Date Accounts Debit Credit Aug 6 Accounts receivable. Quinn Venture Allowance for uncollectible accounts 1100 es mg Now prepare the entry for the receipt of $250 from Quinn Venture. Journal Entry Date Accounts Debit Credit Aug 6 Cash Accounts receivable - Quinn Venture Sep 4: Received the balance due from Quinn Venture. Journal Entry Date Accounts Debit Credit Sep 4 Cash Accounts receivable - Quinn Venture Oct 31: Made a compound entry to write off the following accounts as uncollectibl. Lody Conrad, $500; Titus McKay, $200, and Susie Stein, $800 Journal Entry Date Accounts Credit Debit 1500 Oct 31 Allowance for uncollectible accounts Accounts receivable - Susie Stein 1+ Tes Dec 31: Based on the aging of accounts receivable, estimated uncollectible accounts as $3.700 sid Journal Entry Date Accounts Debit Credit 5 Dec 31 Bad debt expense Allowance for uncollectible accounts 1600 Now post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $3,600 (cr.) and $0 respectively. Remember to update account balances but ignore posting references. (Post to the accounts in the same order at journal entries prepared above, using the first available line on the debitor credit side of each account) Bad debt expense Beg Bal 0 Allowance for uncollectible accounts Beg Bal 3,600 1100 1100 1500 1600 End Bal 3700 End Bal