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QUESTION
Shelton Company uses the allowance method for estimating uncollectible accounts. January 5 - Sold Merchandise to Luke Ryan for $1,700, terms n/15....
Shelton Company uses the allowance method for estimating uncollectible accounts.
January 5 - Sold Merchandise to Luke Ryan for $1,700, terms n/15.
April 15 - Received $500 from Luke Ryan on account.
August 21 - Wrote off as uncollectible the balance of the Luke Ryan account when he declared bankruptcy.
October 5 -Unexpectedly received a check for $600 from Luke Ryan. It is not felt any more will be received from Ryan.
Prepare Journal entries to record the above transactions.
