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 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 REVENUE 410 Sales 610 Interest Revenue Journalize for the each transaction. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11

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 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

	REVENUE
410	Sales
610	Interest Revenue

Journalize for the each transaction. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount.

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7
8
9
10
11

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