Question: Millennium Associates records bad debt using the allowance, balance sheet method. They recorded $395,420 in accounts receivable for the year, and $793,270 in credit

Millennium Associates records bad debt using the allowance, balance sheet method. They recorded $395,420 in accounts receivable for the year, and $793,270 in credit sales. The uncollectible percentage is 3.4%. On November 22, Millennium Associates identifies one uncollectible account from Angel' Hardware in the amount of $4,150. On December 18, Angel's Hardware unexpectedly pays its account in full. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. November 22, 2018 identification entry C. Entry for payment on December 18, 2018 If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31, 2017 Bad Debt Expense 26,971 x Allowance for Doubtful Accounts To record bad debt expense, balance sheet method Nov. 22, 2018 Allowance for Doubtful Accounts 4,150 V Accounts Receivable: Angel's Hardware 4,150 V To record bad debt for identified customer Dec. 18, 2018 Accounts Receivable: Angel's Hardware 4,150 Allowance for Doubtful Accounts 4,150 To reinstate previously written-off bad debt Dec. 18, 2018 Cash 4,150 Accounts Receivable: Angel's Hardware 4,150 V To record full payment

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