Buzz Newsstand uses the allowance method for uncollectible accounts.

Instructions

In your working papers, journalize the following transactions on page 13 in the general journal. Post the transactions to the account of Lee Adkins.

Transcribed Image Text:

Date Jan. 14 June 25 Dec. 10 Transactions Wrote off the $194.50 account of Lee Adkins as uncollectible, Memorandum 498. Received a check for $30 from Lee Adkins on account, Memorandum 767 and Receipt 98. Received notice that Lee Adkins declared bankruptcy. Received 40 percent of the balance not paid, Receipt 288 and Memorandum 941.