Question
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. April 1Sold merchandise on account to Jim Dobbs, $9,600. The cost
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.
April 1Sold merchandise on account to Jim Dobbs, $9,600. The cost of goods sold is $6,400.
June 10Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder.
Oct. 11Reinstated the account of Jim Dobbs and received cash in full payment.
If an amount box does not require an entry, leave it blank.
April 1
April 1
June 10
Oct. 11
Oct. 11
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Federal Tax Accounting 2022
Authors: Frank L. Brunetti
1st Edition
080805631X, 9780808056317
