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Instructions Using the direct write-off method of accounting har uncollectible receivables. Apr. 1 June 10 Sold merchandise on account to Jim Dobbs, $7,800. The cost
Instructions Using the direct write-off method of accounting har uncollectible receivables. Apr. 1 June 10 Sold merchandise on account to Jim Dobbs, $7,800. The cost of the merchandise is $5,200 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Reinstated the account of Jim Dobbs and received cash in full payment. Oct. 11 Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expenso 522 Depreciation Expense 523 Delivery Expense 524 Repairs Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 530 Miscellaneous Expense 710 Interest Expense 132 Notes Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Equipment 192 Accumulated Depreciation or exact wording of account obes PAGE 1 JOURNAL DATE DESCRIPTION POST. REY DET CREDIT 2 1 4 1 DO 11
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