Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of goods sold is $5,600. 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 and received cash in full payment. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable-Jim Dobbs Sales April 1 Cost of Goods Sold Inventory June 10 Cash Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Oct. 11 Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Oct. 11 Cash Accounts Receivable-Jim Dobbs

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of goods sold is $5,600. 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 and received cash in full payment. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable-Jim Dobbs Sales April 1 Cost of Goods Sold Inventory June 10 Cash Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Oct. 11 Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Oct. 11 Cash Accounts Receivable-Jim Dobbs

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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