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, $48,800. The cost of goods sold was $26,400. |
| June 2 | Received $13,200 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 $35,600 cash in full payment. |
If an amount box does not require an entry, leave it blank.
| Jan. 19-sale | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashSales | - Select - | - Select - |
| Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashSales | - Select - | - Select - | |
| Jan. 19-cost | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyCashCost of Goods SoldInventorySales | - Select - | - Select - |
| Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyCashCost of Goods SoldInventorySales | - Select - | - Select - | |
| June 2 | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsCashCost of Goods SoldSales | - Select - | - Select - |
| Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Goods SoldSales | - Select - | - Select - | |
| Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashCost of Goods Sold | - Select - | - Select - | |
| Oct. 23-reinstate | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Goods SoldSales | - Select - | - Select - |
| Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashCost of Goods Sold | - Select - | - Select - | |
| Oct. 23-collection | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashCost of Goods Sold | - Select - | - Select - |
| Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsCashCost of Goods SoldSales | - Select - |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started