Shelton Company uses the allowance method for estimating uncollectible accounts.January 5 – Sold Merchandise to Luke Ryan for $1,700, terms n/15.April 15 – Received $500 from Luke Ryan on account.August 21 – Wrote off as uncollectible the balance 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.Prepare Journal entries to record the above transactions.
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