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Using the DIRECT WRITE OFF METHOD of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of
Using the DIRECT WRITE OFF METHOD of accounting for uncollectible receivables.
Transactions: | ||
April | 1 | Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. |
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. |
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PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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1 | ||||||||
2 | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
6 | ||||||||
7 | ||||||||
8 | ||||||||
9 | ||||||||
10 | ||||||||
11 |
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