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Prepare journal entries to record the transactions

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Question - Christy Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Ignore any cost of goods sold entry in the sales transactions.

Jan 5 Sold merchandise to Amy Fergenbaum for $1,000, terms n/15.

Apr 15 Received $200 from Amy Fergenbaum on account.

Aug 21 Wrote off as uncollectible the balance of the Amy Fergenbaum account when she declared bankruptcy.

Oct 5 Unexpectedly received a cheque for $250 from Amy Fergenbaum. Christy does not expect to receive any more payments from Fergenbaum.

Reference no: EM132630699

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