Problem \#4 Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 - Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 - Received payment for one-half of the receivable from Jim Dobbs and wrote off the remainder. June 30 - Please journal the adjustment needed if the Sales for the year ending June 30 is $45,000, Accounts Receivable at year-end is $12,500, and the Allowance for Doubtful Accounts has a debit balance of $600. It is estimated that 4% of Sales will be uncollectible