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Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,600. The cost
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,600. The cost of the merchandise is $7,800. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable 6,600 Sales 6,600 7,800 April 1 Cost of Goods Sold Inventory 7,800 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote of the remainder. If an amount box does not require an entry, leave it blank. June 10 Cash Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Oct. 11 Reinstated the account of Jim Dobbs and received $4,400 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs 4,100 Allowance for Doubtful Accounts 4,400 Oct. 11 Cash 4,400 Accounts Receivable-Jim Dobbs 4,400
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