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Grayson Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record...

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Accounting

Grayson Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions:

January 5

Sold merchandise to T. Amy for $1,600, terms n/15.

April 15

Received $400 from T. Amy on account.

August 21

Wrote off as uncollectible the balance of the T. Amy account when she

declared bankruptcy.

October 5

Unexpectedly received a check for $650 from T. Amy.

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