Question: Prepare a journal entry. 1 Sold merchandise on account to Katrina for $600. 12 Received payment of S400 from Katrina. 31 Prepare the adjusting entry

1 Sold merchandise on account to Katrina for $600. 12 Received payment

Prepare a journal entry.

1 Sold merchandise on account to Katrina for $600. 12 Received payment of S400 from Katrina. 31 Prepare the adjusting entry for Uncollectible Accounts Expense, using the percentage of net sales method. Net sales for the year totaled $14,000, uncollectible accounts are estimated at 2 percent, and the Allowance for Uncollectible Account has a $50 credit balance prior to adjustment. 5 Wrote off Katrina's balance because she filed for bankruptcy. 17 Unexpectedly received the $200 from Katrina. Dec. Feb.

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