Examine the following transaction: Dr. Accounts Receivable 4100 Cr. Allowance for Doubtful Accounts 4100 Dr. Cash 4100 Cr. Accounts Receivable 4100 2 points: What would be an appropriate journal entry descriptions for this transactions? 8 points: Based on the following transactions, prepare the necessary journal entries. a. During the first year of its business, Cougar Corp. sold services totaling $240,000 and were sold on credit. b. During the first year, Cougar Corp. collected $190,000 in cash for the credit sales made during the year. c. During the first year, Cougar Corp. properly wrote off $8,800 of its accounts receivable as they were deemed uncollectible. d. Assume that Cougar Corp. estimates bad debts using the percent-of-receivables method. Cougar Corp. did analysis and has estimated that 7% of their accounts receivable are uncollectible.

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