Question 23 View Policies Current Attempt in Progress Splish Brothers Trading uses a perpetual inventory system and the earnings approach to recognize revenue. The company offers transactions of Splish Brothers Trading with some of its customers. Feb. 5 Sold merchandise to Classen for $50,000, terms 1/10, 1/60. 6 Classen returned $4,700 of merchandise. 11 Wrote off an account receivable from B. Wong of $1,400, after making repeated efforts to collect. 15 Classen paid Splish Brothers the amount owing. 28 Collected $850 from a collection agency who managed to collect an account from Mancini that had been previously writ Prepare the journal entries to record the above transactions. Ignore any inventory or cost of goods sold entries for the purposes indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the prob. Date Debit Credit Account Titles and Explanation Accounts Receivable Feb. 5 50000 Sales 50000 (To record sale on account.) Sales Returns and Allowances Feb. 6 4700 pach to recognize revenue. The company offers credit terms to select customer. The following are epeated efforts to collect. punt from Mancini that had been previously written off by Splish Brothers. ory or cost of goods sold entries for the purposes of this question. (Credit account titles are automatic rnal entries in the order presented in the problem.) Credit Debit 50000