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Prepare the journal entries in general journal form for jan

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Point 1: On January 31 the firm had accounts receivable in the amount of $750,000. The Allowance for Doubtful Accounts had a credit balance of $5,250. The controller estimated that the uncollectible accounts expense would amount to one-half of 1% of the $4,500,000 of net sales made during January. This estimate was entered in the accounts by an adjusting entry on January 31. On February 12, an account receivable from June Jones in the amount of $4,125 was determined to be worthless and was written off. However, on February 24, Jones won several million dollars in the lottery and immediately paid her $4,125 past-due account.

Question 1: Prepare the journal entries in general journal form for Jan. 31, Feb. 12, and Feb. 24.

Reference no: EM132477617

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