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Prepare general journal entries without explanations to record the following transactions Jan 1 Sold merchandise to...

Prepare general journal entries without explanations to record the following transactions
Jan 1 Sold merchandise to Kelly Graham for $1,000 on account. The merchandise cost $600 and the company uses a perpetual inventory system and does not expect any returns
Feb 1 Received $300 from Graham
Jul 1 Wrote off the balance Graham's account as uncollectible
Sep 1 Unexpectedly received payment in full trom Graham

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Expert Solution

Date General Journal Debit Credit
Jan-01 Accounts Receivable $               1,000
Sales $           1,000
(to record entry for sales of merchandise)
Cost of goods sold $                  600
Merchandise Inventory $              600
(to record entry for cost of merchandise sold)
Feb-01 Cash $                  300
Accounts Receivable $              300
(to record entry for payment received from Graham)
Jul-01 Bad debt expense $                  700
Accounts Receivable $              700
(to record entry for amount due written off)
Sep-01 Accounts Receivable $                  700
Bad debt expense $              700
(to record entry for reversal of amounnt due)
Sep-01 Cash $                  700
Accounts Receivable $              700
(to record entry for recepit of payment in full)
Note:Direct write off method is used, Alterantively Allowance method can also be used.

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