Using the allowance method of accounting for uncollectible receivables.
April 1 | Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. |
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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Journalize each of the transaction. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. |
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JOURNAL
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Date | General Journal | Debit | Credit |
April 1 | Accounts Receivable | $8,400 | |
Sales | $8,400 | ||
Cost of Merchandise Sold | $3,360 | ||
Merchandise Inventory | $3,360 | ||
June 10 | Cash($8,400 * 1/3) | $2,800 | |
Allowance for Doubtful Accounts | $5,600 | ||
Accounts Receivable-Jim Dobbs | $8,400 | ||
Oct. 11 | Accounts Receivable-Jim Dobbs | $5,600 | |
Allowance for Doubtful Accounts | $5,600 | ||
Oct. 11 | Cash | $5,600 | |
Accounts Receivable-Jim Dobbs | $5,600 |
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