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Problem #2: Allowance Method Jan 20, sold merchandise on account to ABC Company for $5,000. The...

Problem #2: Allowance Method Jan 20, sold merchandise on account to ABC Company for $5,000. The merchandise had a cost of $3,

Problem #2: Allowance Method Jan 20, sold merchandise on account to ABC Company for $5,000. The merchandise had a cost of $3,000. Date Accounts Dr Cr Jan 30, received 2,500 cash from ABC Company and wrote off the balance as uncollectible. Date Accounts Dr Cr April 1, reinstated the ABC Company account that had been previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr
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