Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise sold is $6,100. If an amount box does not require an entry, leave it blank. Apr. 1 Accounts Receivable 7,200 Sales 7,200 Apr. 1 Cost of Goods Sold Inventory 6,100 6,100 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder as uncollectible. If an amount box does not require an entry, leave it blank. June 10 Cash Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Next

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journalize the following transactions using the allowance method of accounting for uncollectible receivables.
Apr. 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise sold is $6,100. If an amount box does not require
an entry, leave it blank.
Apr. 1 Accounts Receivable
7,200
Sales
7,200
Apr. 1 Cost of Goods Sold
Inventory
6,100
6,100
June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder as uncollectible. If an amount box
does not require an entry, leave it blank.
June 10 Cash
Allowance for Doubtful Accounts
Accounts Receivable-Jim Dobbs
Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it
blank.
Oct. 11 Accounts Receivable-Jim Dobbs
Allowance for Doubtful Accounts
Next
Transcribed Image Text:Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise sold is $6,100. If an amount box does not require an entry, leave it blank. Apr. 1 Accounts Receivable 7,200 Sales 7,200 Apr. 1 Cost of Goods Sold Inventory 6,100 6,100 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder as uncollectible. If an amount box does not require an entry, leave it blank. June 10 Cash Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Next
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