Instructions Jan 19. Sold merchandise on account to Dr. Sinclair Welby, $17,190. The cost of the merchandise sold was $9,550. July 7. Received $5,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $11,690 2. cash in full payment. Required: Journalize the above transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off meth accounting for uncollectible receivables. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not u lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a cn entry when a credit amount is entered.

Instructions Jan 19. Sold merchandise on account to Dr. Sinclair Welby, $17,190. The cost of the merchandise sold was $9,550. July 7. Received $5,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $11,690 2. cash in full payment. Required: Journalize the above transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off meth accounting for uncollectible receivables. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not u lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a cn entry when a credit amount is entered.

Name: InstructionsJan19Sold merchandise on account to Dr. Sinclair Welby, $
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Description: InstructionsJan19Sold merchandise on account to Dr. Sinclair Welby, $17,190. The cost of the merchandise sold was$9,550.July7.Received $5,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19as uncollectible,Nov.2.Re

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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A company purchased $2,700 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $295 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: Multiple Choice $2,357. $2,700. $295. $2,405. $2,351
Sales-related transactions After the amount due on a sale of $22,600, terms n/eom, is received from a customer, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $13,560. a. What is the amount of the refund owed to the customer? b. Journalize the entries made by the seller to record the return and the refund. If an amount box does not require an entry, leave it blank.
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. July 3 Paid $125 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,300 for $1,700 cash. July 9 Purchased merchandise from Leight Company for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $200 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due from Creek Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company within the discount period. July 19 Sold merchandise that cost $800 to Art Company for $1,200 under credit terms of 2/15, n/60, FOB shipping point,…
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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.
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