Assuming That the Allowance Method Is Being Used,prepare Journal Entries $\$ 6,000$

question 105

Essay

Assuming that the allowance method is being used,prepare journal entries to record the following transactions.Omit explanations.
Mar. 15 Sold merchandise to Faust for $\$ 6,000$ on account.
Apr. 15 Received $\$ 3,000$ from Faust.
Aug. 15 Wrote off Faust's account as uncollectible.
Nov. 15 Unexpectedly received payment in full from Faust.

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Definitions:

Record Depreciation Expense

The process of allocating the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.

Allocate Prepaid Insurance

involves distributing the cost of insurance premiums over the period that the insurance coverage relates to, recognizing it as an expense over time rather than all at once.

Accrue Salaries Payable

Accrue Salaries Payable involves recording the salaries earned by employees that have not yet been paid, recognizing the liability before the cash is disbursed.