Brinkley Corporation uses the perpetual inventory system and the allowance method for estimating uncollectible accounts.InstructionsPrepare entries to record the following transactions for a company that uses the perpetual inventory method:Jan 5 Sold merchandise to Amy Ward for $1,500, terms n/15. The merchandise cost $900.Apr 15 Received partial payment of $500 from Amy Ward.Aug 21 Wrote off as uncollectible the balance of the Amy Ward account when she declared bankruptcy.Oct 5 Received a cheque for $350 from Amy Ward. No further collections are expected.

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The Answer of Brinkley Corporation uses the perpetual inventory system and the allowance method for estimating uncollectible accounts.InstructionsPrepare entries to record the following transactions for a company that uses the perpetual inventory method:Jan 5 Sold merchandise to Amy Ward for $1,500, terms n/15. The merchandise cost $900.Apr 15 Received partial payment of $500 from Amy Ward.Aug 21 Wrote off as uncollectible the balance of the Amy Ward account when she declared bankruptcy.Oct 5 Received a cheque for $350 from Amy Ward. No further collections are expected.

Brinkley Corporation Uses the Perpetual Inventory System and the Allowance