Question 29 On April 30, Cray has $375,000 of accounts receivable Cray uses the allowance method of accounting for bad debts and has an exting crede balance in the allowance for doubtful accounts of $14.250 1. Prepare journal entries to record the following selected May transactions. The company uses the perpetual inventory system 3539 a. Sold $415,200 of merchandise (that cost $249,000) to customers on credit. b. Received $465,800 cash in payment of accounts receivable. c. Wrote off $15,800 of uncollectible accounts receivable. d. In adjusting the accounts on May 31, its fiscal year-end, the company estimated that 4% of accounts receivable will be uncollectible. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its May 31 balance sheet. Edit Format Table 12pt v Paragraph BIUA 18