Option #2: Journalizing Transactions
The following was taken from the records of Wesley Branch, Co inthe year ending December 31, 20×7. Journalize the followingtransactions in an Excel spreadsheet for year-end 20×7 using theaging method. Assume that the allowance for doubtful accounts has abeginning credit balance of $10,000 on January 1, 20×7. Theassignment template is attached below.
Label the transactions below as journal entries #1 to #4, alongwith the dates of the entries:
- February 20, 20×7: Wrote off Johnson account: $300.
- May 20, 20×7: Received $360 as partial payment on the $650account receivable due from Andrews.
- August 10, 20×7: Received $300 from Johnson on the ... View full description