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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
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, $55,000. The cost of goods sold was $29,700. |
June 2 | Received $14,900 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 $40,100 cash in full payment. |
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