Entries for uncollectible accounts, using direct write-off methodJournalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off methodof accounting for uncollectible receivables:Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $5,000. The cost of goods sold was $2,200.June 2. Received $400 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible.Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $4,600 cash in full payment.If an amount box does not require an entry, leave it blank.Jan. 19-saleJan. 19-costJune 2Oct. 23-reinstateOct. 23-collection

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Answered: Entries for uncollectible accounts,…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.2: Writing Off And Collecting Uncollectible Accounts Receivable

Problem 1WT

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Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $45,600. The cost of goods sold was $24,600. June 2. Received $12,800 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $32,800 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate Oct. 23-collection 000 00 00
Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $5,000. The cost of goods sold was $2,200. June 2. Received $400 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $4,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct 23-reinstate 00000
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $47,300. The cost of the merchandise sold was $25,500. July 7. Received $11,800 from Dr. Sindair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $35,500 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 Nov. 2-reinstate Nov. 2-collection
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $37,600. The cost of the merchandise sold was $20,300. July 7. Received $8,600 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $29,000 cash in full payment. If an amount box does not require an entry, leave it blank.
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $42,700. The cost of the merchandise sold was $23,100. July 7. Received $11,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $31,200 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Jan. 19-cost fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 July 7 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the…
Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of champion medical company, a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables. January 19th sold merchandise on account to Dr Dale Van dyken, $57,900. The cost of the merchandise sold was $31, 300. July 7th received $16,800 from Dr Dale Van dyken and wrote off the remainder road on the sale of January 19th as on collectible. November 2nd reinstated the account for Dr Van dyken that had been written off on July 7th and received $41,100 cash in full payment. for a compound transaction, if an amount box does not require an entry leave it blank. January 19th sale _____ _____ January 19th cost______ ______ July 7th ______ _______ _______ November 2nd reinstate _______ _______…
Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $45,000. The cost of goods sold was $24,300. June 2 Received $11,300 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $33,700 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate Oct. 23-collection
Entries for Uncollectible Accounts, using Direct Write-off Method 1. EX 08 01 Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: 2 EX 08.02 ALGO Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $45,800. The cost of goods sold was $24,700. 3. EX08 03 ALGO June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. 4. EX 08 04 ALGO Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and recelved $34,300 cash in full payment. 5. EX 08.06 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable-Dr. Kyle Norby 6. EX 0807 Jan. 19-sale 7. EX 08 20 ALGO Sales 8. PR08.02A BLANKSHEET Jan. 19-cost Cost of Goods Sold Inventory June 2 Cash Bad Debt Expense Accounts Receivable-Dr. Kyle Norby Oct. 23-reinstate Accounts Receivable-Dr.…
Entries for uncollectible receivables, using allowance method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24. Sold merchandise on account to Old Town Cafe, $16,400. The cost of goods sold was $11,800. Sept. 30. Received $3,600 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $12,800 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 ll Dec. 7-reinstate Dec. 7-collection
Entries for uncollectible receivables, using allowance method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24. Sold merchandise on account to Old Town Cafe, $27,250. The cost of goods sold was $16,300. Sept. 30. Received $10,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $17,250 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 Dec. 7-reinstate Dec. 7-collection Check My Work Previous Next
Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24 Sold merchandise on account to Old Town Cafe, $19,100. The cost of goods sold was $13,800. Sept. 30 Received $4,400 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $14,700 cash in full payment. May 24-sale Accounts receivable-old town cafe sales May 24-cost Cost of goods sold Inventoru Sep 30 Cash Allowance for doubtful accounts accounts receivable old town cafe Dec 7-reinstate Accounts receivable old town cafe Allowance for doubtful accounts Dec 7-collection cash accounts receivable old town cafe
Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24 Sold merchandise on account to Old Town Cafe, $15,700. The cost of goods sold was $11,300. Sept. 30 Received $3,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $12,200 cash in full payment. If an amount box does not require an entry, leave it blank.

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