Assignment Objectives: Apply the accounting vocabulary Record various business transactions in accordance with generally accepted accounting principles.
In this assignment, we will learn how to prepare journal entries to write off an uncollectable account using the Allowance method.
At year-end (December 31), Kneller Company estimates its bad debts as 0.60% of its annual credit sales of $919,000. Kneller records its Bad Debts Expense for that estimate. On the following February 1, Kneller decides that the $460 account of M Monamy is uncollectible and writes it off as a bad debt. On June 5, Monamy unexpectedly pays the amount previously written off.
Prepare the journal entries for these transactions.
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Attachment:- Template-Allowance Method.rar