Dolan Company uses the allowance method to account for uncollectible accounts. Prepare the appropriate journal entries to

Question:

Dolan Company uses the allowance method to account for uncollectible accounts. Prepare the appropriate journal entries to record the following transactions during 2011. You may omit journal entry explanations.
June 20 The account of Ken Watts for $1,000 was deemed to be uncollectible and is written off as a bad debt.
Oct. 14 Received a check for $1,000 from Ken Watts, whose account had previously been written off as uncollectible.
Dec. 31 Use the following information for year-end adjusting entries: The balance of and Allowance for Doubtful Accounts at year-end are a debit balance of $131,000 and a credit balance $2,900, respectively. It is estimated that bad debts will be 5% of Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...