Additional Exercise 202 Handel Company uses the allowance method for estimating

Question

Additional Exercise 202 Handel Company uses the allowance method for estimating uncollectible accounts January 5 Sold merchandise to Terry Richman for $2,000, terms n/15. April 15 Received $600 from Terry Richman on account. August 21 Wrote off as uncollectible the balance of the Terry Richman account when she declared bankruptcy October 5 Unexpectedly received a check for $300 from Terry Richman. It is not felt any more will be received from Richmarn Prepare journal entries to record the above transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 5 Apr. 15 Aug. 21 Oct. 5 Oct.5 31.

Explanation / Answer

DR CR 01/05/18 Account Receivable 2000 Sales 2000 04/15/18 Cash 600 Account Receivable 600 08/21/18 Allowance for Doubtful account 1400 Account Receivable 1400 10/05/18 Account Receivable 300 Allowance for Doubtful account 300 10/05/18 Cash 300 Account Receivable 300

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