In early 2018, Pugwash Ltd. (Pugwash) delivered a large order of goods to Ripon Inc. (Ripon), a
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Required:
a. Prepare the journal entry to record the sale to Ripon.
b. Prepare the journal entry to record the writeoff of the receivable from Ripon.
Assume Pugwash estimates its bad debt expense using the percentage of credit sales method.
c. Prepare the journal entry that would be recorded when Pugwash received the cheque from Ripon in December.
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