On January 16, 2015, Whole Circle had sold goods worth $5,000 to Smith on account. It could not collect cash from the customer, and finally decided to write off the account on December 31, 2015.
However, in November 4, 2016, Smith approached the company to make payment, and made payment. Journalize the transactions on December 31, 2015 and November 4, 2016. (Whole Circle uses the allowance method.)

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The Answer of On January 16, 2015, Whole Circle had sold goods worth $5,000 to Smith on account. It could not collect cash from the customer, and finally decided to write off the account on December 31, 2015.
However, in November 4, 2016, Smith approached the company to make payment, and made payment. Journalize the transactions on December 31, 2015 and November 4, 2016. (Whole Circle uses the allowance method.)

On January 16, 2015, Whole Circle Had Sold Goods Worth