Question: Problem 1: Shelton Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: August 21 Wrote off as

Problem 1: Shelton Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: August 21 Wrote off as uncollectible the balance $ 1,500 of the Luke Ryan account when he declared bankruptcy. October 5 Unexpectedly received a check for $600 from Luke Ryan. It is not felt any more will be received from Ryan Problem 2

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