June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible.EX 08 01Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $34,300 cash in full payment.2 EX 08.02 ALGOIf an amount box does not require an entry, leave it blank.3. EX08 03 ALGOJan. 19-saleAccounts Receivable-Dr. Kyle Norby4. EX 08 04 AL GOSales5. EX 08 06 ALGOJan. 19-costCost of Goods Sold6. EX08.07Inventory7. EX 08 20 ALGOCashJune 2Bad Debt ExpenseAccounts Receivable Dr. Kyle Norby8. PR.08.02A BLANKSHEETOct. 23-reinstate Accounts Receivable-Dr. Kyle NorbyBad Debt ExpenseOct. 23-collection CashAllowance for Doubtful AccountsCheck My WorkPreviousNextProgress: 3/8 itemsII II III II 00 Entries for Uncollectible Accounts, using Direct Write-off Method1. EX 08 01Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off methodof accounting for uncollectible receivables:2 EX 08.02 ALGOJan. 19 Sold merchandise on account to Dr. Kyle Norby, $45,800. The cost of goods sold was $24,700.3. EX08 03 ALGOJune 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible.4. EX 08 04 ALGOOct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and recelved $34,300 cash in full payment.5. EX 08.06 ALGOIf an amount box does not require an entry, leave it blank.Accounts Receivable-Dr. Kyle Norby6. EX 0807Jan. 19-sale7. EX 08 20 ALGOSales8. PR08.02A BLANKSHEETJan. 19-costCost of Goods SoldInventoryJune 2CashBad Debt ExpenseAccounts Receivable-Dr. Kyle NorbyOct. 23-reinstate Accounts Receivable-Dr. Kyle NorbyBad Debt ExpenseCheck My Work(PreviousNext>Progress: 3/8 items

Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollctible. 1. EX 08 01 Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on Aune 2 and recelved s34,300 cash in full payment. 2 EX 08 02 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable Dr. Kyle Norby 3. EX O8 03 ALGO Jan. 19-sale 4. EX 08 04 ALGO Sales 5. EX 08 06 ALGO Cost of Goods Sold Jan. 19-cost 6. EX 08 07 Inventory EX 08 20 ALGO June 2 Cash Bad Debt Expense Accounts Receivable Dr. Kyle Norby 8. PRO8.02A BLANKSHEET Oct. 23-reinstate Accounts Receivable Dr. Kyle Norby Bad Debt Expense Oct. 23-collection Cash Allowance for Doubtful Accounts (Previous Next Check Hy Work Progress: a/a items II II III II 00 I0 I0 III II II

June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollctible. 1. EX 08 01 Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on Aune 2 and recelved s34,300 cash in full payment. 2 EX 08 02 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable Dr. Kyle Norby 3. EX O8 03 ALGO Jan. 19-sale 4. EX 08 04 ALGO Sales 5. EX 08 06 ALGO Cost of Goods Sold Jan. 19-cost 6. EX 08 07 Inventory EX 08 20 ALGO June 2 Cash Bad Debt Expense Accounts Receivable Dr. Kyle Norby 8. PRO8.02A BLANKSHEET Oct. 23-reinstate Accounts Receivable Dr. Kyle Norby Bad Debt Expense Oct. 23-collection Cash Allowance for Doubtful Accounts (Previous Next Check Hy Work Progress: a/a items II II III II 00 I0 I0 III II II

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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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…
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