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Journalize the following transactions for The Computer Store. The Computer Store uses the allowance method of accounting for uncollectible receivables. Ignore Cost of Goods Sold Explanations are not required.
April 5 The Computer Store sells $5,200 of computer equipment on account to Mr. Jones.
June 5 Mr. Jones pays The Computer Store $2,000 of the amount he owes.
July 7 After repeated attempts to collect the balance due from Mr. Jones fail, The Computer Store writes-off the remainder of the amount he owes.
Fit for the Purposes
A term indicating that something is suitable or appropriate for the intended or specified use.
Seller
An individual or entity that transfers goods, property, or services to a buyer in exchange for money or other forms of compensation.
Misuse or Abuse
Improper, incorrect, or excessive use of something that can lead to harm or damage.
Defense
Legal strategies and arguments used in a court of law to contest and defeat claims or charges against a defendant.
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