Question

Part A. Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting...

Part A.

Direct Write-Off Method

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:

Oct. 2: Received $2,440 from Ian Kearns and wrote off the remainder owed of $3,810 as uncollectible. If an amount box does not require an entry, leave it blank.

Oct. 2

Dec. 20: Reinstated the account of Ian Kearns and received $3,810 cash in full payment.

Dec. 20-Reinstate
Dec. 20-Collection

Options:

  • Accounts Receivable-Ian Kearns
  • Allowance for Doubtful Accounts
  • Bad Debt Expense
  • Cash
  • Sales

Part B.

Allowance Method

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:

Oct. 2. Received $2,450 from Ian Kearns and wrote off the remainder owed of $5,070 as uncollectible. If an amount box does not require an entry, leave it blank.

Oct. 2

Dec. 20. Reinstated the account of Ian Kearns and received $5,070 cash in full payment.

Reinstate
Collection

Options:

  • Accounts Payable-Ian Kearns
  • Accounts Receivable-Ian Kearns
  • Bad Debt Expense
  • Cash
  • Sales
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