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(Solved) : Option 2 Journalizing Transactions Following Taken Records Wesley Branch Co Year Ending De Q34185501

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Answer to Option #2: Journalizing Transactions The following was taken from the records of Wesley Branch, Co in the year ending De…

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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:

  1. February 20, 20×7: Wrote off Johnson account: $300.
  2. May 20, 20×7: Received $360 as partial payment on the $650account receivable due from Andrews.
  3. August 10, 20×7: Received $300 from Johnson on the ... View full description