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Using the allowance method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,600. The cost of the merchandise
Using the allowance method of accounting for uncollectible receivables.
| Transactions: | ||
| April | 1 | Sold merchandise on account to Jim Dobbs, $8,600. The cost of the merchandise is $3,440. |
| June | 10 | Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. |
| Oct. | 11 | Reinstated the account of Jim Dobbs and received cash in full payment. |
Required:
| Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. |
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Management And Cost Accounting
Authors: Charles T. Horngren, George Foster, Srikant M. Datar
3rd Edition
0273687514, 978-0273687511
