Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,800. The cost of the merchandise is $5,700. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable Sales April 1 Cost of Goods Sold Inventory 7,800 Oct. 11 5,700 Oct. 11 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Cash Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Y 7,800 Y 5,700 Oct. 11 Reinstated the account of Jim Dobbs and received $5,200 cash in full payment. If an amount box does not require an entry, leave it blank. 2,600
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,800. The cost of the merchandise is $5,700. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable Sales April 1 Cost of Goods Sold Inventory 7,800 Oct. 11 5,700 Oct. 11 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Cash Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Y 7,800 Y 5,700 Oct. 11 Reinstated the account of Jim Dobbs and received $5,200 cash in full payment. If an amount box does not require an entry, leave it blank. 2,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:Journalize the following transactions using the allowance method of
accounting for uncollectible receivables.
April 1 Sold merchandise on account to Jim Dobbs, $7,800. The cost of
the merchandise is $5,700. If an amount box does not require an
entry, leave it blank.
April 1 Accounts Receivable
Sales
April 1 Cost of Goods Sold
Inventory
7,800
Oct. 11
5,700
Oct. 11
June 10 Received payment for one-third of the receivable from Jim
Dobbs and wrote off the remainder. If an amount box does not require
an entry, leave it blank.
June 10 Cash
Allowance for Doubtful Accounts
Accounts Receivable-Jim Dobbs
7,800
5,700
Oct. 11 Reinstated the account of Jim Dobbs and received $5,200 cash
in full payment. If an amount box
does not require an entry, leave it
blank.
100
10 00
2,600
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