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In the journal provided, prepare the entries for the following transactions. (Omit ex
In the journal provided, prepare the entries for the following transactions. (Omit explanations.)
Dec. 1 Sold merchandise on account to Katurah Wells for $600. 12 Received payment of $400 from Katurah Wells. 31 Made adjusting entry for Uncollectible Accounts Expense, using the percentage of net sales method. Net sales for the year totaled $14,000, uncollectible accounts are estimated at 2 percent, and Allowance for Uncollectible Accounts has a $50 credit balance prior to adjustment. Feb. 5 Wrote off Katurah Wells's balance because she filed for bankruptcy. 17 Unexpectedly received the $200 from Katurah Wells. |
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