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2 years ago

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

Business

1 answer:

Misha Larkins [42]2 years ago

4 0

Answer:

April 1

Dr Accounts Receivable $8,400

Cr Sales $8,400

Dr Cost of Merchandise Sold $3,360

Cr Merchandise Inventory $3,360

June 10

Dr Cash $2,800

Dr Allowance for Doubtful Accounts $5,600

Cr Accounts Receivable—Jim Dobbs $8,400

Oct. 11

Dr Accounts Receivable—Jim Dobbs $5,600

Cr Allowance for Doubtful Accounts $5,600

11 Dr Cash $5,600

Cr Accounts Receivable—Jim Dobbs $5,600

Explanation:

Preparation of the journal entries using the direct write-off method of accounting for uncollectible receivables.

April 1

Dr Accounts Receivable $8,400

Cr Sales $8,400

Dr Cost of Merchandise Sold $3,360

Cr Merchandise Inventory $3,360

June 10

Dr Cash $2,800

(1/3*$8,400)

Dr Allowance for Doubtful Accounts $5,600

($8,400-$2,800)

Cr Accounts Receivable—Jim Dobbs $8,400

Oct. 11

Dr Accounts Receivable—Jim Dobbs $5,600

Cr Allowance for Doubtful Accounts $5,600

11 Dr Cash $5,600

Cr Accounts Receivable—Jim Dobbs $5,600

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