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The following represent different scenarios for Larkspur Company. Prior to any year-end adjusting entries, Larkspur Company had a balance in Accounts Receivable of $122,000. Credit
The following represent different scenarios for Larkspur Company. Prior to any year-end adjusting entries, Larkspur Company had a balance in Accounts Receivable of $122,000. Credit sales during the period were $730,000, and Sales Returns and Allowances were $16,000 (a) If Larkspur Company uses the direct write-off method to account for uncollectible accounts, journalize the entry if on May 8 Larkspur determined that Randal Company's $760 balance is uncollectible. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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