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Journalize entries for the following situations (assume direct write-off method). Situation 1: Wrote off Kathy Mark...

Journalize entries for the following situations (assume direct write-off method).

  • Situation 1: Wrote off Kathy Mark as a bad debt two years after the sale of $80.
  • Situation 2: Reinstated Kathy Mark, who sent in her past due amount two years after it had been written off.
  • Situation 3: Wrote off Kathy Mark as a bad debt two years after the sale for $80. (assume allowance method)
  • Situation 4: Reinstated Kathy Mark, who sent in her past due amount.
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Answer #1
Transaction General Journal Debit Credit
Situation 1 Bad debt expense $80
Accounts receivable - Kathy Mark $80
Situation 2 Accounts receivable - Kathy Mark $80
Bad debt expense $80
Cash $80
Accounts receivable - Kathy Mark $80
Situation 3 Allowance for doubtful accounts $80
Accounts receivable - Kathy Mark $80
Situation-4 Accounts receivable - Kathy Mark $80
Allowance for doubtful accounts $80
Cash $80
Accounts receivable - Kathy Mark $80
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