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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 4,110 Apr. 1 Cost of Merchandise Sold 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. 2,740 June 10 Cash Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts 2,740 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
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