EX 9-3 Entries for Uncollectible Accounts, Using Direct Write-Off Method OBJ. 3 - Describe the direct write-off method of accounting for uncollectible receivables. 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, $77,000. The cost of the merchandise sold was $52,600. July 7. Received $30,800 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 $46,200 cash in full payment.

EX 9-3 Entries for Uncollectible Accounts, Using Direct Write-Off Method OBJ. 3 - Describe the direct write-off method of accounting for uncollectible receivables. 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, $77,000. The cost of the merchandise sold was $52,600. July 7. Received $30,800 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 $46,200 cash in full payment.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Receivables

Section: Chapter Questions

Problem 8.4EX: Entries for uncollectible receivables, using allowance method Journalize the following transactions...

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EX 9-3 Entries for Uncollectible Accounts, Using Direct Write-Off Method OBJ. 3 - Describe the direct write-off method of accounting for uncollectible receivables. 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, $77,000. The cost of the merchandise sold was $52,600. July 7. Received $30,800 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 $46,200 cash in full payment.
EX 9-3 Entries for uncollectible accounts, using direct write-off method OBJ.3 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, $77,000. The cost of the merchandise sold was $52.600. July 7. Received $30,800 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 $46,200 cash in full payment.
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.…
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GENERAL JOURNAL Page 52 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 20-- 1 2 August 16 Sales Returns and Allowances 412 286.42 2 3 Accounts Receivable, F. E. Dixon 113/✓ 286.42 3 4 Issued credit memo no. 131. 4 5 5 Post the entry above to this general ledger account. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. GENERAL LEDGER ACCOUNT RECEIVABLE ACCOUNT NO: 113 PLEASE SEE ATTACHED IMAGES (HW 100 AND 101)
GENERAL JOURNAL Page 52 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 20-- 1 2 August 16 Sales Returns and Allowances 412 286.42 2 3 Accounts Receivable, F. E. Dixon 113/✓ 286.42 3 4 Issued credit memo no. 131. 4 5 5 Post the entry above to this general ledger account. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT NO. 113 DATE ITEM POST.REF. DEBIT CREDIT BALANCE DEBIT CREDIT 20-- August 1 Balance ✓ 5,214.36 16 J52 286.42 4927.94 Post the entry above to this general ledger account. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. GENERAL LEDGER ACCOUNT Sales Returns and Allowances ACCOUNT NO. 412 DATE ITEM POST.REF. DEBIT…
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8.2
SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
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 18,450. The cost of goods sold was 11,000. Sept. 30 Received 6,000 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 12,450 cash in full payment.
Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
Purchase-related transactions Based on the data presented in Excrd.sc 6-14, journalize Ha I boa Co.s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice.