Question: Millennium Associates records bad debt using the allowance, income statement method. They recorded $315,420 in accounts receivable for the yest, and $B34,270 in credit sales.

Millennium Associates records bad debt using the allowance, income statement method. They recorded $315,420 in accounts receivable for the yest, and $B34,270 in credit sales. The uncollectible percentage is 3.4%. On February 5 , Millennim Associates identifies one uncallectible sccount from Molar Corp in the amount of $1,830. On April 15, Molar. Corp unexpectedly pays its account in full. Record Journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. February 5,2018 identification entry C. Entiy for oayment on April 15, 2018 C. Entry for payment on April 15, 2018 If an amount box does not require an entry, leave it blank. Round your answers to A. Dec. 31,201; B. Feb. 5, 2018 tomer C. Apr. 15,2018 To reinstate previously written-off bad debt Apr. 15,2018 To record full payment
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