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Uncollectable accounts
Goyal Company uses the allowance method for estimating uncollectible accounts. Prepare General Journal entries (without explanation) to record the following:
Jan 5 Sold merchandise to John Welcher for $1,200, terms n/15 Apr 15 Received $200 from John Welcher on account. Aug 21 Wrote off as uncollectable the balance of the John Welcher account when he declared bankruptcy. Oct 5 Unexpectedly received a check for $250 for John Welcher |
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