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Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $8,220. The cost
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $8,220. The cost of the merchandise is $4,110. Apr. 1 Accounts Receivable-Jim Dobbs 8,220 Sales 8,220 Apr. 1 Cost of Merchandise Sold 4,110 Merchandise Inventory 4,110 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Cash 2,740 Accounts Receivable-Jim Dobbs 2,740 Allowance for Doubtful Accounts Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Oct. 11 Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Oct. 11 Cash Accounts Receivable-Jim Dobbs Previous
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