Record the following transactions for Heart and Soul Dance Co. in general journal form. 20-x20-y:

Dec. 31Net sales on account for the period were $640,000. Heart and Soul Dance Co. uses the percentage of sales method of estimating uncollectible accounts. Heart and Soul Dance Co. estimates that 3% of net sales are uncollectible. The balance in Allowance for Bad Debts is a $980 credit.

Jan. 6 The accounts receivable of Marissa Marco was determined to be uncollectible and written off, $6,200.

Mar. 8 Notice was received that Paul Dante, a customer, was bankrupt. His balance of $4,200 was written off.

May 28 Reinstated the Shin Yun account that had been written off in the preceding year as uncollectible. Entered the receipt of $5,400 cash as full settlement of Yun's account.

Answer rating: 100% (QA)

B Date Particulars Debit Credit Bad debt expenses 3 x 640000 2 31D... View the full answer