Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,000. The cost of the merchandise is $7,200. If an amount box does not require an entry, leave it blank. April 1 fill in the blank 84396d094fddfdf_2 fill in the blank 84396d094fddfdf_3 fill in the blank 84396d094fddfdf_5 fill in the blank 84396d094fddfdf_6 April 1 fill in the blank 84396d094fddfdf_8 fill in the blank 84396d094fddfdf_9 fill in the blank 84396d094fddfdf_11 fill in the blank 84396d094fddfdf_12 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 fill in the blank 19ebf5fd6006061_2 fill in the blank 19ebf5fd6006061_3 fill in the blank 19ebf5fd6006061_5 fill in the blank 19ebf5fd6006061_6 fill in the blank 19ebf5fd6006061_8 fill in the blank 19ebf5fd6006061_9 Oct. 11 Reinstated the account of Jim Dobbs and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 fill in the blank 6fc496fbe079fdb_2 fill in the blank 6fc496fbe079fdb_3 fill in the blank 6fc496fbe079fdb_5 fill in the blank 6fc496fbe079fdb_6 Oct. 11 fill in the blank 6fc496fbe079fdb_8 fill in the blank 6fc496fbe079fdb_9 fill in the blank 6fc496fbe079fdb_11
Bad Debts
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.
Journalize the following transactions using the allowance method of accounting for uncollectible receivables.
April 1 Sold merchandise on account to Jim Dobbs, $6,000. The cost of the merchandise is $7,200. If an amount box does not require an entry, leave it blank.
| April 1 | fill in the blank 84396d094fddfdf_2 | fill in the blank 84396d094fddfdf_3 | |
| fill in the blank 84396d094fddfdf_5 | fill in the blank 84396d094fddfdf_6 | ||
| April 1 | fill in the blank 84396d094fddfdf_8 | fill in the blank 84396d094fddfdf_9 | |
| fill in the blank 84396d094fddfdf_11 | fill in the blank 84396d094fddfdf_12 |
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 | fill in the blank 19ebf5fd6006061_2 | fill in the blank 19ebf5fd6006061_3 | |
| fill in the blank 19ebf5fd6006061_5 | fill in the blank 19ebf5fd6006061_6 | ||
| fill in the blank 19ebf5fd6006061_8 | fill in the blank 19ebf5fd6006061_9 |
Oct. 11 Reinstated the account of Jim Dobbs and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank.
| Oct. 11 | fill in the blank 6fc496fbe079fdb_2 | fill in the blank 6fc496fbe079fdb_3 | |
| fill in the blank 6fc496fbe079fdb_5 | fill in the blank 6fc496fbe079fdb_6 | ||
| Oct. 11 | fill in the blank 6fc496fbe079fdb_8 | fill in the blank 6fc496fbe079fdb_9 | |
| fill in the blank 6fc496fbe079fdb_11 | fill in the blank 6fc496fbe079fdb_12 |
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