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Prepare journal entries to record the january and february

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Problem 1: Lasta Co. uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions.

January 02- sold merchandise to Nile Co. for Birr 30,000.00, term n/15.

February 15- Received Birr 20,000.00 form Nile Co. on account.

April 20- Write-off as uncollectible the remaining balance of Nile Co. account when the business declared bankruptcy.

June 1- Unexpectedly received a check for Birr 6,000.00 from Nile Co.

Reference no: EM132674141

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