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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., $16,600. The cost of the merchandise sold was $12,000. |
Apr. 15. | Received $4,200 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 $12,400 cash in full payment. |
For a compound transaction, if an amount box does not require an entry, leave it blank.
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