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On May 1, 2023, Stacy's Merchandise sold $30,000 of merchandise to Dwayne's Distribution Company on account. On June 20, Dwayne paid $10,000 of the account

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On May 1, 2023, Stacy's Merchandise sold $30,000 of merchandise to Dwayne's Distribution Company on account. On June 20, Dwayne paid $10,000 of the account receivable. After many attempts to collect the remainder, Stacy wrote-off its accounts receivable from Dwayne on August 10. Five months later, January 11, 2024 , Stacy received Dwayne's check for $20,000 with a note apologizing for the late payment. (You may do this work in Excel and then attach it to the question). Required: 1. Journalize the transaction for the sale on May 1.2023 to the Accounts Receivable and Allowance for Bad Debt Accounts assuming Stacy's Merchandise estimates bad debts as 3% of credit sales. Ignore Cost of Goods sold. Do not journalize the payment by Dwayne on June 20 and the subsequent debt write-off and re-instatement by Stacy. 2. Journalize the August 10, 2023 and January 11, 2024 transactions for Stacy's Merchandise using the direct write-off method. Ignore Cost of Goods sold. You do not need to give any explanations

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