If answered within 30mins,it would be helpful!! Journalize the 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 ASSETS110Cash111Petty Cash121Accounts Receivable-Alan Albertson122Accounts Receivable-Jim Dobbs123Accounts Receivable-John Groves124Accounts Receivable-Jan Lehn125Accounts Receivable-Jacob Marley126Accounts Receivable-Mr.Potts127Accounts Receivable-Chad Thomas128Accounts Receivable-Andrew Warren129Allowance for Doubtful Accounts131Interest Receivable132Notes Receivable141Inventory145Supplies151Prepaid Insurance181Land191Equipment192Accumulated Depreciation LIABILITIES210Accounts Payable211Salaries Payable213Sales Tax Payable214Interest Payable215Notes Payable EQUITY310Common Stock311Retained Earnings312Dividends Using the direct write-off method of accounting for uncollectible receivables.Transactions:Аpril1Sold merchandise on account to Jim Dobbs, $6,900. The cost of the merchandise is $2,760.June10Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder.Oct.11Reinstated 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 dollaramount.

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Answered: Using the direct write-off method of…

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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If answered within 30mins,it would be helpful!!

Journalize the 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 Receivable
132	Notes Receivable
141	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

Using the direct write-off method of accounting for uncollectible receivables.
Transactions:
Аpril
1
Sold merchandise on account to Jim Dobbs, $6,900. The cost of the merchandise is $2,760.
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.

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