Gideon Company uses the direct write-off method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write-off of the account on May 3 is: Multiple Choice Account Title Credit Debit 2,000 Cash Accounts Receivable-A. Hopkins 2,000 Account Title Debit Credit Allowance for Doubtful Accounts 2,000 Accounts Receivable-A. Hopkins 2,000 Account Title Credit Bad Debts Expense Accounts Receivable-A. Hopkins 2,000 Debit 2,000

Gideon Company uses the direct write-off method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write-off of the account on May 3 is: Multiple Choice Account Title Credit Debit 2,000 Cash Accounts Receivable-A. Hopkins 2,000 Account Title Debit Credit Allowance for Doubtful Accounts 2,000 Accounts Receivable-A. Hopkins 2,000 Account Title Credit Bad Debts Expense Accounts Receivable-A. Hopkins 2,000 Debit 2,000

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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TB MC Qu. 07-94 (Algo) Gideon Company uses... Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,300 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice Account Title Debit Credit Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts 2,300 2,300 Account Title Allowance for Doubtful Accounts Debit Credit 2,300 Bad debts expense 2,300 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,300 ( Prev 14 of 20 Next > MAR 15 tv MacBook Air DD F2 F4 F5 F6 F7 F8 F9 # %24 & 2 3 8. W R T Y D F G H J K
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Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,590 from Paula Spitler and wrote off the remainder owed of $3,000 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Paula Spitler and received $3,000 cash in full payment. July 29 3E July 29
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,330 from Matthew Chapman and wrote off the remainder owed of $2,530 as uncollectible. If an amount box does not require an entry, leave it blank. 38 Mar. 17 July 29: Reinstated the account of Matthew Chapman and received $2,530 cash in full payment. July 29 July 29