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Using the allowance method, record the following transactions for Tony's, Inc.: a. Received $5,000 in cash for Jim May's outstanding account receivable and wrote off

Using the allowance method, record the following transactions for Tony's, Inc.:

a. Received $5,000 in cash for Jim May's outstanding account receivable and wrote off the remainder of $2,750 on July 6, 2019.

b. Reinstated Jim May's account for the amount previously written off on July 6, 2019. Jim May paid for the amount owed in full.

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