In the journal provided, prepare the entries for the following transactions. In

Question

In the journal provided, prepare the entries for the following transactions.

In the journal provided, prepare the entries for the following transactions. (Omit explanations.) Dec. 1 Sold merchandise on account to Wilma Phillips for $300. 12 Received payment of $200 from Wilma Phillips. 31 Made adjusting entry for Uncollectible Accounts Expense, using the percentage of net sales method. Net sales for the year totaled $28,000, uncollectible accounts are estimated at 2 percent, and Allowance for Uncollectible Accounts has a $100 credit balance prior to adjustment. Feb. 5 Wrote off Wilma Phillip's balance because she filed for bankruptcy. 17 Unexpectedly received the $100 from Wilma Phillips.

Explanation / Answer

Date Description Post, Ref Debit Credit Dec. 1st Debit Wilma Philips Account (Or Accounts Receivable) 300 Credit Sales 300 Dec. 12th Debit Cash 200 Credit Wilma Philips Account (Or Accounts Receivable) 200 Feb. 5th Debit Baddebts 100 Credit Wilma Philips Account (Or Accounts Receivable) 100 Feb. 17th Debit Wilma Philips Account (Or Accounts Receivable) 100 Credit Baddebts 100 Debit Cash 100 Credit Wilma Philips Account (Or Accounts Receivable) 100

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