Using the allowance method of accounting for uncollectible receivables. 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 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.     Journalize each of the transaction. 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 Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Equipment 192 Accumulated Depreciation   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary   REVENUE 410 Sales 610 Interest Revenue   EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Delivery Expense 524 Repairs Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense       PAGE 1   JOURNAL     DATE DESCRIPTION POST. REF. DEBIT CREDIT 1           2           3           4           5           6           7           8           9           10           11

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Using the allowance method of accounting for uncollectible receivables.
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 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.

 

  Journalize each of the transaction. 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 Receivable
132 Notes Receivable
141 Merchandise Inventory
145 Supplies
151 Prepaid Insurance
181 Land
191 Equipment
192 Accumulated Depreciation
  LIABILITIES
210 Accounts Payable
211 Salaries Payable
213 Sales Tax Payable
214 Interest Payable
215 Notes Payable
  EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
  REVENUE
410 Sales
610 Interest Revenue
  EXPENSES
510 Cost of Merchandise Sold
520 Salaries Expense
521 Advertising Expense
522 Depreciation Expense
523 Delivery Expense
524 Repairs Expense
531 Rent Expense
533 Insurance Expense
534 Supplies Expense
536 Credit Card Expense
537 Cash Short and Over
538 Bad Debt Expense
539 Miscellaneous Expense
710 Interest Expense
 
 
 
PAGE 1
 
JOURNAL
 
  DATE DESCRIPTION POST. REF. DEBIT CREDIT
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