Millennium Associates records bad debt using the allowance, income statement method They recorded $391,420 in accounts receivable for the year, and $788,270 in credit sales The uncollectible percentage is 3 4 On February 5, Millennium Associates identifies one uncollectible account from Molar Corp in the amount of $1,530 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 Entry for payment on April 15, 2018 If an amount box does not require an entry, leave it blank Round your answers to two decimal places A Dec 31, 2017 Accounts Receivable MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueBad Debt Expense Bad Debt Expense Bad Debt Expense Accounts Receivable MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAllowance for Doubtful Accounts Allowance for Doubtful Accounts Allowance for Doubtful Accounts To record bad debt expense, income statement method B Feb 5, 2018 Accounts Receivable MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAllowance for Doubtful Accounts Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts Receivable MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAccounts Receivable Molar Accounts Receivable Molar Accounts Receivable Molar To record bad debt for identified customer C Apr 15, 2018 Accounts Receivable MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAccounts Receivable Molar Accounts Receivable Molar Accounts Receivable Molar Accounts Receivable MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAllowance for Doubtful Accounts Allowance for Doubtful Accounts Allowance for Doubtful Accounts To reinstate previously written off bad debt Apr 15, 2018 Accounts Receivable MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueCash Cash Cash Accounts Receivable MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAccounts Receivable Molar Accounts Receivable Molar Accounts Receivable Molar To record full payment Feedback

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Question: Millennium Associates records bad debt using the allowance, income statement method. They recorded $391,420 in accounts receivable for the year, and $788,270 in credit sales.

Millennium Associates records bad debt using the allowance, income statement method. They recorded $391,420 in accounts receivable for the year, and $788,270 in credit sales. The uncollectible percentage is 3.4%. On February 5, Millennium Associates identifies one uncollectible account from Molar Corp in the amount of $1,530. 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. Entry for payment on April 15, 2018

If an amount box does not require an entry, leave it blank. Round your answers to two decimal places.

A. Dec. 31, 2017	Accounts Receivable: MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueBad Debt Expense	Bad Debt Expense	Bad Debt Expense
	Accounts Receivable: MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAllowance for Doubtful Accounts	Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
	To record bad debt expense, income statement method
B. Feb. 5, 2018	Accounts Receivable: MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAllowance for Doubtful Accounts	Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
	Accounts Receivable: MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAccounts Receivable: Molar	Accounts Receivable: Molar	Accounts Receivable: Molar
	To record bad debt for identified customer
C. Apr. 15, 2018	Accounts Receivable: MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAccounts Receivable: Molar	Accounts Receivable: Molar	Accounts Receivable: Molar
	Accounts Receivable: MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAllowance for Doubtful Accounts	Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
	To reinstate previously written-off bad debt
Apr. 15, 2018	Accounts Receivable: MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueCash	Cash	Cash
	Accounts Receivable: MolarAllowance for Doubtful AccountsBad Debt ExpenseCashSales RevenueAccounts Receivable: Molar	Accounts Receivable: Molar	Accounts Receivable: Molar
	To record full payment

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