es Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer, C. Green. On March 9, it receives a $300 payment from Green. Ic raw Will 1. Prepare the journal entry for January 31. 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet < 1 2 Record the write-off of Green's $800 account. Note: Enter debits before credits. Date January 31 General Journal hp Prev 1 of 7 Debit Credit Next > Check my > h

es Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer, C. Green. On March 9, it receives a $300 payment from Green. Ic raw Will 1. Prepare the journal entry for January 31. 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet < 1 2 Record the write-off of Green's $800 account. Note: Enter debits before credits. Date January 31 General Journal hp Prev 1 of 7 Debit Credit Next > Check my > h

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Description: **Accounting for Uncollectibles: Journal Entries for Gomez Corporation**Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer, C. Green. On March 9, it receives a $300 pa

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question: Gideon method Company uses the allowance of accounting uncollectable accounts. for On May 3, the Gideon Company wrote the $2,000 off account Hopkins. of uncollectable its customer, A. On July 10, Gideon received a check for the full amount of of $2,000 from Hopkins. On July 10, what what are the entry or entries Gideon makes to record the recovery of the bad debt?
Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, It wrote off a $1,200 account of a customer, Gwen Rowe. On December 9, It recelved an $800 payment from Rowe. a. Make the appropriate entry for October 31. View transaction list Journal entry worksheet 1 Record the entry to write off $1,200-due from Gwen Rowe. Note: Enter debits before credits. Date General Journal Debit Credit October 31 Record entry Clear entry View general journal
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,500. The cost of the merchandise is $6,300. If an amount box does not require an entry, leave it blank. April 1 April 1 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Oct. 11 Reinstated the account of Jim Dobbs and received $5,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Oct. 11
Moving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>
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On August 2, Jun Co. receives a $7,300, 90-day, 12% note from customer Ryan Albany as payment on his $7,300 account. 1. Compute the maturity date for the above note. multiple choice October 29 October 30 October 31 November 1 November 2 2. Prepare Jun’s journal entry for August 2. 1 Record receipt of note on account.
Using the direct write-off method of accounting for uncollectible receivables. Transactions: 1 Sold merchandise on account to Jim Dobbs, $6,600. The cost of the merchandise is $2,640. April June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount.
Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable.
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5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?