Question
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that
Entries for Uncollectible Accounts, using Direct Write-Off Method
Journalize the following transactions in the accounts of Canyon River 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. Kyle Norby, $57,900. The cost of goods sold was $31,300. |
| June 2 | Received $16,800 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. |
| Oct. 23 | Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $41,100 cash in full payment. |
If an amount box does not require an entry, leave it blank.
| Jan. 19-sale | fill in the blank 2 | fill in the blank 3 | |
| fill in the blank 5 | fill in the blank 6 | ||
| Jan. 19-cost | fill in the blank 8 | fill in the blank 9 | |
| fill in the blank 11 | fill in the blank 12 | ||
| June 2 | fill in the blank 14 | fill in the blank 15 | |
| fill in the blank 17 | fill in the blank 18 | ||
| fill in the blank 20 | fill in the blank 21 | ||
| Oct. 23-reinstate | fill in the blank 23 | fill in the blank 24 | |
| fill in the blank 26 | fill in the blank 27 | ||
| Oct. 23-collection | fill in the blank 29 | fill in the blank 30 | |
| fill in the blank 32 | fill in the blank 33 |
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Frank Hodge
9th edition
290-1259222138, 1259222136, 978-1259222139
