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Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Metromark Company, a restaurant supply company that uses the allowance
Entries for Uncollectible Receivables, using Allowance Method
Journalize the following transactions in the accounts of Metromark Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables.
Feb. 11. Sold merchandise on account to Dakota Co., $9,700. The cost of the merchandise sold was $7,000.
Apr. 15. Received $2,300 from Dakota Co. and wrote off the remainder owed on the sale of February 11 as uncollectible.
Sept. 3. Reinstated the account of Dakota Co. that had been written off on April 15 and received $7,400 cash in full payment.
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Feb. 11-sale
Feb. 11-cost
Apr. 15
Sept. 3-reinstated
Sept. 3-collection
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