On January 16, 2015, Whole Circle Had Sold Goods Worth

question 136

Essay

On January 16, 2015, Whole Circle had sold goods worth $5,000 to Smith on account. It could not collect cash from the customer, and finally decided to write off the account on December 31, 2015.
However, in November 4, 2016, Smith approached the company to make payment, and made payment. Journalize the transactions on December 31, 2015 and November 4, 2016. (Whole Circle uses the allowance method.)

---

Definitions:

Indigenous Canadians

The First Nations, Inuit, and Métis peoples who are the original inhabitants of the land that is now Canada.

Poor Health

A state characterized by ill health or a low level of wellbeing, often resulting from disease, unhealthy lifestyles, or lack of access to medical care.

Report

A detailed account or statement describing the findings, outcomes, or statuses of a particular investigation or analysis.

Chronic Condition

A long-lasting medical condition that requires ongoing management, and may not have a definitive cure.