Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:Feb. 20Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible.May 10Reinstated the account of Andrew Warren and received $4,000 cash in full payment.If an amount box does not require an entry, leave it blank.Feb. 20 CashCash Bad Debt ExpenseBad Debt Expense Accounts Receivable-Andrew WarrenAccounts Receivable-Andrew WarrenMay 10 Accounts Receivable-Andrew WarrenAccounts Receivable-Andrew Warren Bad Debt ExpenseBad Debt ExpenseMay 10 CashCash Accounts Receivable-Andrew WarrenAccounts Receivable-Andrew Warren

Under direct write-off method, bad debts expense is recorded at the time of write off of…

Answered: Journalize the following transactions…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:

Feb. 20	Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible.
May 10	Reinstated the account of Andrew Warren and received $4,000 cash in full payment.

If an amount box does not require an entry, leave it blank.

Feb. 20	Cash	Cash
	Bad Debt Expense	Bad Debt Expense
	Accounts Receivable-Andrew Warren	Accounts Receivable-Andrew Warren
May 10	Accounts Receivable-Andrew Warren	Accounts Receivable-Andrew Warren
	Bad Debt Expense	Bad Debt Expense
May 10	Cash	Cash
	Accounts Receivable-Andrew Warren	Accounts Receivable-Andrew Warren