Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. If an amount box does not require an entry, leave it blank. April 1 fill in the blank c7ab520baffdfe1_2 fill in the blank c7ab520baffdfe1_3 fill in the blank c7ab520baffdfe1_5 fill in the blank c7ab520baffdfe1_6 April 1 fill in the blank c7ab520baffdfe1_8 fill in the blank c7ab520baffdfe1_9 fill in the blank c7ab520baffdfe1_11 fill in the blank c7ab520baffdfe1_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 b9ef56fd905ffac_2 fill in the blank b9ef56fd905ffac_3 fill in the blank b9ef56fd905ffac_5 fill in the blank b9ef56fd905ffac_6 fill in the blank b9ef56fd905ffac_8 fill in the blank b9ef56fd905ffac_9 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 fill in the blank 4c48d9f4307d062_2 fill in the blank 4c48d9f4307d062_3 fill in the blank 4c48d9f4307d062_5 fill in the blank 4c48d9f4307d062_6 Oct. 11 fill in the blank 4c48d9f4307d062_8 fill in the blank 4c48d9f4307d062_9 fill in the blank 4c48d9f4307d062_11 fill in the blank 4c48d9f4307d062_12
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, $7,200. The cost of the merchandise is $5,400. If an amount box does not require an entry, leave it blank.
| April 1 | fill in the blank c7ab520baffdfe1_2 | fill in the blank c7ab520baffdfe1_3 | |
| fill in the blank c7ab520baffdfe1_5 | fill in the blank c7ab520baffdfe1_6 | ||
| April 1 | fill in the blank c7ab520baffdfe1_8 | fill in the blank c7ab520baffdfe1_9 | |
| fill in the blank c7ab520baffdfe1_11 | fill in the blank c7ab520baffdfe1_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 b9ef56fd905ffac_2 | fill in the blank b9ef56fd905ffac_3 | |
| fill in the blank b9ef56fd905ffac_5 | fill in the blank b9ef56fd905ffac_6 | ||
| fill in the blank b9ef56fd905ffac_8 | fill in the blank b9ef56fd905ffac_9 |
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 | fill in the blank 4c48d9f4307d062_2 | fill in the blank 4c48d9f4307d062_3 | |
| fill in the blank 4c48d9f4307d062_5 | fill in the blank 4c48d9f4307d062_6 | ||
| Oct. 11 | fill in the blank 4c48d9f4307d062_8 | fill in the blank 4c48d9f4307d062_9 | |
| fill in the blank 4c48d9f4307d062_11 | fill in the blank 4c48d9f4307d062_12 |
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