Question: Current Attempt in Progress Teal Mountain Trading uses a perpetual inventory system and the earnings approach to recognize revenue. The compary offers eredit terms to

 Current Attempt in Progress Teal Mountain Trading uses a perpetual inventory
system and the earnings approach to recognize revenue. The compary offers eredit

Current Attempt in Progress Teal Mountain Trading uses a perpetual inventory system and the earnings approach to recognize revenue. The compary offers eredit terms to select customers. The following are selected transactions of Teal Mountain Trading. Feb.5 Sold merchandise to Classen for $52.000, terms 1/10,n/60 6 Classen returned 55,400 of merchandise, 11 Wrote off an account receivable from B. Wong of $1,500, after making repeated efforts to collect. 15 Classen paid Teal Mountain the amount owing. 28 Collected $850 from a collection agency who managed to collect an account from Mancini that had been previously written off tw Teal Mountain. Prepare the journal entries to record the above transactions. Ignore any inveritory or cost of goods sold entries for the purposes of this question, (Credit occount titles are outornatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter ofor the. umounts. List all debit entries before credit entries. Record joumal entries in the order presented in the problem)

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