Required:a) Journalize the following transactions using the direct write-off method of accounting foruncollectible receivables:Aug. 7. Received $175 from Roosevelt McLair and wrote off the remainder owed of $400 asuncollectible.Nov. 23. Reinstated the account of Roosevelt McLair and received $400 cash in full payment.b) Journalize the following transactions using the allowance method of accounting for uncollectiblereceivables:Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of $2,000 asuncollectible.June 30. Reinstated the account of Manning Wingard and received $2,000 cash in full payment.Each journal carries equal marks
Required:a) Journalize the following transactions using the direct write-off method of accounting foruncollectible receivables:Aug. 7. Received $175 from Roosevelt McLair and wrote off the remainder owed of $400 asuncollectible.Nov. 23. Reinstated the account of Roosevelt McLair and received $400 cash in full payment.b) Journalize the following transactions using the allowance method of accounting for uncollectiblereceivables:Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of $2,000 asuncollectible.June 30. Reinstated the account of Manning Wingard and received $2,000 cash in full payment.Each journal carries equal marks
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter9: Receivables
Section: Chapter Questions
Problem 1PEA
Related questions
Question
Required:
a) Journalize the following transactions using the direct write-off method of accounting for
uncollectible receivables:
Aug. 7. Received $175 from Roosevelt McLair and wrote off the remainder owed of $400 as
uncollectible.
Nov. 23. Reinstated the account of Roosevelt McLair and received $400 cash in full payment.
b) Journalize the following transactions using the allowance method of accounting for uncollectible
receivables:
Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of $2,000 as
uncollectible.
June 30. Reinstated the account of Manning Wingard and received $2,000 cash in full payment.
Each journal carries equal marks
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