Millennium Associates records bad debt using the allowance, income statement method. They recorded $366,420 in accounts receivable for the year, and $824,270 in credit sales. The uncollectible...

Millennium Associates records bad debt using the allowance, income statement method. They recorded $366,420 in accounts receivable for the year, and $824,270 in credit sales. The uncollectible percentage is 3.4%. On February 5, Millennium Associates identifies one uncollectible account from Molar Corp in the amount of $1,430. On April 15, Molar Corp unexpectedly pays its account in full. Record journal entries for the following.

A. Year-end adjusting entry for 2017 bad debt

B. February 5, 2018 identification entry

C. Entry for payment on April 15, 2018

If an amount box does not require an entry, leave it blank.Round your answers to two decimal places.

A. Dec. 31, 2017		- Select -	- Select -
		- Select -	- Select -
	To record bad debt expense, income statement method
B. Feb. 5, 2018		- Select -	- Select -
		- Select -	- Select -
	To record bad debt for identified customer
C. Apr. 15, 2018		- Select -	- Select -
		- Select -	- Select -
	To reinstate previously written-off bad debt
Apr. 15, 2018		- Select -	- Select -
		- Select -	- Select -
	To record full payment

Jun 10, 2022

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Millennium Associates records bad debt using the allowance, income statement method. They recorded $366,420 in accounts receivable for the year, and $824,270 in credit sales. The uncollectible...

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