Question
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses
Entries for Uncollectible Accounts, using Direct Write-Off Method
Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:
| Jan. 19. | Sold merchandise on account to Dr. Sinclair Welby, $49,000. The cost of the merchandise sold was $26,500. |
| July 7. | Received $12,700 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. |
| Nov. 2. | Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $36,300 cash in full payment. |
If an amount box does not require an entry, leave it blank.
| Jan. 19-sale | Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsCashSales | - Select - | - Select - |
| Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsCashSales | - Select - | - Select - | |
| Jan. 19-cost | Accounts Receivable-Dr. Sinclair WelbyAccounts Payable-Dr. Sinclair WelbyCashCost of Merchandise SoldMerchandise Inventory | - Select - | - Select - |
| Accounts Receivable-Dr. Sinclair WelbyAccounts Payable-Dr. Sinclair WelbyCashCost of Merchandise SoldMerchandise Inventory | - Select - | - Select - | |
| July 7 | Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsCashCost of Merchandise Sold | - Select - | - Select - |
| Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold | - Select - | - Select - | |
| Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCash | - Select - | - Select - | |
| Nov. 2-reinstate | Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold | - Select - | - Select - |
| Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Merchandise Sold | - Select - | - Select - | |
| Nov. 2-collection | Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyCashCost of Merchandise SoldSales | - Select - | - Select - |
| Accounts Payable-Dr. Sinclair WelbyAccounts Receivable-Dr. Sinclair WelbyCashCost of Merchandise SoldSales | - Select - | - Select - |
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Accounting Cases In Hong Kong The First Hksa Case Competition
Authors: HKSA Case, Monograph Work GP
1st Edition
9629370883, 978-9629370886
