Journalize the Following Transactions for the Computer Store

question 106

Essay

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.

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Definitions:

Deflation

A decrease in the general price level of goods and services, often indicating an economy in contraction.

Aggregate

A total or sum, often used in economics to describe combined quantities like total output or income.

Frictional Unemployment

represents short-term unemployment that occurs when workers are between jobs or entering the labor force for the first time.

Labor Force

The total number of people employed or actively seeking employment in a country or region.