Prepare journal entries to record the following transactions: (1) On Decemb

Prepare journal entries to record the following transactions:

(1) On December 15 2008 the company recorded $150000 sales on credit.

(2) On December 31 2008 the company estimated bad debt expenses of $15000.

(3) On January 12 2009 collect $100000 worth of accounts receivable.

(4) After many collection attempts the Company determined on June 15 2009 that it would not collect $10000 in accounts receivables from Pendant
Publishing. It decided to write-off this account.

(5) On July 15 Pendant Publishing called to say that they have had financial problems but can afford to pay $7000 to settle their $10000 debt in full.
Vandolay Industries agreed to these terms and reversed $7000 of the prior write-off. It received a $7000 check from Pendant the next day.

Post the above entries to the following T-accounts:

Accounts Receivable

Allowance for Doubtful Accounts