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Journalize the following transactions in the Accounts of Dacca Company that uses the allowance method of Accounting for uncollectible receivables: Jan 13. Sold merchandise on
Journalize the following transactions in the Accounts of Dacca Company that uses the allowance method of Accounting for uncollectible receivables: Jan 13. Sold merchandise on account to Julie Green $8, 100. The cost of the merchandise sold was $4, 750. Feb 12. Received $2,000 from Julie Green and wrote off the remainder owed on the sale of Jan. 13 as uncollectible. July 3. Reinstated the account of Julie Green that had been written off on Feb. 12 and received $6, 100 cash in fill payment. Prepare entries in Journal form to record the following transactions: Jan 16. Sold merchandise to Rounds Corporation on account for $36,000, terms N/30. Feb 15. Accepted a 90 day, 10%, $36,000 note from Rounds Corporation in lieu of payment of account. May 16, Rounds Corporation dishonored the
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