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Shelton Company uses the allowance method for estimating uncollectible accounts. January5Sold merchandise to Luke Ryan for $1,700, terms n/15.April15Received $500 from Luke Ryan on account.August21Wrote

Shelton Company uses the allowance method for estimating uncollectible accounts.

January5Sold merchandise to Luke Ryan for $1,700, terms n/15.April15Received $500 from Luke Ryan on account.August21Wrote off as uncollectible the balance of the Luke Ryan account when he declared bankruptcy.October5Unexpectedly received a check for $600 from Luke Ryan. It is not felt any more will be received from Ryan

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