CHAPTER 8

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Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables Mar. 17: Received $2,700 from Keith MacPhearson and wrote off the remainder owed of $6,370 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Keith MacPhearson and received $6,370 cash in full payment. Reinstate Collection