On March 1, management decided that the $500 account of J. Smith was uncollectible and wrote it off as a

bad debt. Prepare the appropriate entry for March 1.

On August 15, J. Smith surprises you with a payment. Please enter the appropriate journal entries.

Estimating Uncollectibles Wasson, Inc. uses the allowance method to account for uncollectibles. On December 31, it had the following items in its unadjusted trial balance: **Note-when entering the \\( \\$ \\) amount, DO NOT use \"\\$\" signs or commas. For example, enter \\( \\$ 1,000 \\) as 1000 or \\( \\$ 300 \\) as 300 . IF there are decimal places, round to the nearest cent or two decimal places (hundredths) BUT only if there are decimal places, otherwise round to the nearest dollar. This will simplify things. Prepare the adjusting journal entry to record the estimate of bad debts assuming the company estimates bad debts to be \4 of total credit sales