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s 7. Journalize the following transactions completed by Crockett, Inc. The company uses the ation...

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Accounting

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s 7. Journalize the following transactions completed by Crockett, Inc. The company uses the ation allowance method of accounting for uncollectible accounts receivable and perpetual inventory 02/01/16 Sold merchandise on account to Fullerton Co. for $8,000. The cost of the 03/15/16 04/09/16 05/14/16 merchandise sold was $4,500 Accepted a 60-day, 12% note for $8,000 from Fullerton Co. on account. Wrote off a $2,500 account from Perrin Co. as uncollectible Received the interest due from Fullerton Co. and a new 90-day, 14% note as a renewal of the loan. 06/13/16 Reinstated the account of Perrin Co., written off on April 9, and received $2,500 in full payment. Received from Fullerton Co. the amount due on its note of May 14. It is estimated that 3% of the credit sales of $1,375,000 for the year ended 08/12/16 12/31/16 December 31 will be uncollectible

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