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, $38,700. The cost of the merchandise sold was $20,900. July 7. Received $8,100 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 $30,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale   - Select - - Select

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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, $38,700. The cost of the merchandise sold was $20,900.
July 7. Received $8,100 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 $30,600 cash in full payment.

If an amount box does not require an entry, leave it blank.

Jan. 19-sale
 
- Select - - Select -
 
 
- Select - - Select -
Jan. 19-cost
 
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July 7
 
- Select - - Select -
 
 
- Select - - Select -
 
 
- Select - - Select -
Nov. 2-reinstate
 
- Select - - Select -
 
 
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Nov. 2-collection
 
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