Direct Write-Off MethodMaria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting foruncollectible accounts. Record the following transactions in general journal form:July 20 Wrote off $2,240 owed by Joe Balouka, who has no assets.Oct. 15 Wrote off $1,480 owed by Alice Rose, who declared bankruptcy.Page: 1DOC. POST.DATEACCOUNT TITLEDEBIT CREDITNO. REF.20--Jul. 2023Wrote off uncollectible account34 Oct. 1545.6Wrote off uncollectible account Uncollectible Accounts-Percentage of ReceivablesTammie's Toyota Sales and Service estimates the amount of uncollectible accounts usingthe percentage of receivables method. Based on aging the accounts, it is estimated that$3,750 will not be collected. Record the end-of-period adjusting entry on December 31,in general journal form, for the estimated uncollectible accounts. Assume the followingindependent conditions existed prior to the adjustment:1. Allowance for Doubtful Accounts has a credit balance of $690.Page:DOC. POST.NO. REF.DATEACCOUNT TITLEDEBITCREDIT20-Dec. 312. Allowance for Doubtful Accounts has a debit balance of $275.Page:ACCOUNT TITLE DOC. POST.NO. REF.DATEDEBIT CREDIT20--Dec. 312

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Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form: July 20 Wrote off $2,240 owed by Joe Balouka, who has no assets. Oct. 15 Wrote off $1,480 owed by Alice Rose, who declared bankruptcy.

Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form: July 20 Wrote off $2,240 owed by Joe Balouka, who has no assets. Oct. 15 Wrote off $1,480 owed by Alice Rose, who declared bankruptcy.

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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