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Prepare journal entries to record the transactions

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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.

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

Required - Prepare journal entries to record the above transactions.

Reference no: EM132481691

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