Jan. June 19 Sold merchandise on account to Dr. Kyle Norby, $15,160. The cost of the goods sold was $9,270. 2 Received $4,280 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 $10,880 cash in full payment. Journalize the above 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. Refer to the Chart of Accounts for exact wording of account sites.
Jan. June 19 Sold merchandise on account to Dr. Kyle Norby, $15,160. The cost of the goods sold was $9,270. 2 Received $4,280 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 $10,880 cash in full payment. Journalize the above 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. Refer to the Chart of Accounts for exact wording of account sites.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Instructions
Jan.
June
19 Sold merchandise on account to Dr. Kyle Norby, $15,160. The cost of the goods sold was $9,270.
2 Received $4,280 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 $10,880
cash in full payment.
Journalize the above 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. Refer to the Chart of Accounts for exact wording of account titles.
x
Transcribed Image Text:Journalize the 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
Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS LIABILITIES EQUITY
10.
11
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