On January 16,2017,Eliot Brothers Oil,Inc.sold $5,000 of merchandise to Bryce,on account.Eliot Brothers could not collect cash from Bryce and wrote off the account on December 31,2017.On November 4,2018,Bryce unexpectedly paid $5,000.Journalize the transactions on December 31,2017 and November 4,2018.(Eliot Brothers uses the allowance method. )
Definitions:
Fourth Amendment
The Fourth Amendment to the United States Constitution protects citizens from unreasonable searches and seizures, requiring any warrant to be judicially sanctioned and supported by probable cause.
Probable Cause
A reasonable basis for believing that a crime may have been committed, which is a required standard for arrests, search warrants, and other legal actions.
Plea Bargaining
A legal process in which the defendant and prosecutor negotiate a compromise, often involving the defendant pleading guilty to a lesser charge in exchange for a reduced sentence.
Federal Prosecutor
A government attorney who represents the United States in prosecuting criminal cases in federal court.
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