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Mar. 17 Received $930 from Shawn McNeely and wrote off the remainder owed of $4,320 as uncollectible. July 29 Reinstated the account of Shawn McNeely
Mar. | 17 | Received $930 from Shawn McNeely and wrote off the remainder owed of $4,320 as uncollectible. |
July | 29 | Reinstated the account of Shawn McNeely and received $4,320 cash in full payment. |
Journalize the above transactions, using the direct write-off method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles
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