Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,300. The cost of the merchandise is $5,800. If an amount box does not require an entry, leave it blank. April 1 April 1 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 Oct. 11 Reinstated the account of Jim Dobbs and received $4,200 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Oct. 11

Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,300. The cost of the merchandise is $5,800. If an amount box does not require an entry, leave it blank. April 1 April 1 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 Oct. 11 Reinstated the account of Jim Dobbs and received $4,200 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Oct. 11

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jeter Company uses the allowance method to account for uncollectible receivables. On April 2, Jeter Company wrote off a $820 account receivable from customer J. Maters. On May 12, Jeter Company unexpectedly received full payment from Maters on the previously written off account. Jeter Company records an adjusting entry for bad debts expense of $14,100 on May 31. 9. Journalize Jeter Company's write-off of the uncollectible receivable. 10. Journalize Jeter Company's collection of the previously written off receivable. 11. Journalize Jeter Company's adjustment for bad debts expense. 9. Journalize Jeter Company's write-off of the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Apr. 2 Accounts and Explanation Debit Credit
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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, $7,770. The cost of the merchandise is $3,885. If an amount box does not require an entry, leave it blank. Apr. 1 fill in the blank 95f337068076f92_2 fill in the blank 95f337068076f92_3 fill in the blank 95f337068076f92_5 fill in the blank 95f337068076f92_6 Apr. 1 fill in the blank 95f337068076f92_8 fill in the blank 95f337068076f92_9 fill in the blank 95f337068076f92_11 fill in the blank 95f337068076f92_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 becc7c06d02c06d_2 fill in the blank becc7c06d02c06d_3 fill in the blank becc7c06d02c06d_5 fill in the blank becc7c06d02c06d_6 fill in the blank becc7c06d02c06d_8 fill in the blank…
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8.2
Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest…
TB MC Qu. 07-94 (Algo) Gideon Company uses... Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,300 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice Account Title Debit Credit Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts 2,300 2,300 Account Title Allowance for Doubtful Accounts Debit Credit 2,300 Bad debts expense 2,300 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,300 ( Prev 14 of 20 Next > MAR 15 tv MacBook Air DD F2 F4 F5 F6 F7 F8 F9 # %24 & 2 3 8. W R T Y D F G H J K