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Lisa Company uses the allowance method for estimating uncollectible accounts. Jan. 5 Sold merchandise to Amy Fergenbaum for $2,100, terms n/15. Apr. 15 Received $420
Lisa Company uses the allowance method for estimating uncollectible accounts. Jan. 5 Sold merchandise to Amy Fergenbaum for $2,100, terms n/15. Apr. 15 Received $420 from Amy Fergenbaum on account. Aug. 21 Oct. 5 Wrote off as uncollectible the balance of the Amy Fergenbaum account when she declared bankruptcy. Unexpectedly received a cheque for $525 from Amy Fergenbaum. Lisa does not expect to receive any more payments from Fergenbaum. Prepare journal entries to record the following transactions. Ignore any cost of goods sold entry in the sales transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write off of Amy Fergenbaum account.) Save for Later (To reverse write off of Amy Fergenbaum account.) (To record collection from Amy Fergenbaum.) Attempts: 0 of 1 used Submit
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