Continental assesses a 25 charge on sales for using

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Apr.8Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. The Suntrust receipts are immediately deposited in Levine's bank account.12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Transferred $5,600 of credit card receipts to Continental, requesting payment.20 Received Continental's check for the April 12 billing, less the service charge.Prepare journal entries to record the above selected credit card transactions of Levine Company.
Daley Company estimates uncollectible accounts using the allowance method at December 31. Itprepared the following aging of receivables analysis.Days Past DueTotal01 to 3031 to 6061 to 90Over 90Accounts receivable$570,000$396,000$90,000$36,000$18,000$30,000Percent uncollectible1% 2 % 5 % 7 % a.On February 1 of the next period, the company determined that $6,800 in customer accounts isuncollectible; specifically, $900 for Oakley Co. and $5,900 for Brookes Co. Prepare the journal entryto write off those accounts.10%
b.On June 5 of that next period, the company unexpectedly received a $900 payment on a customeraccount, Oakley Company, that had previously been written off in part a. Prepare the entriesnecessary to reinstate the account and to record the cash received.
1.Prepare the December 31 year-end adjusting entry for uncollectibles.

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