Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2.  Received $2,830 from William Pruitt and wrote off the remainder owed of $2,750 as uncollectible. If an amount box does not require an entry, leave it blank. accounts payable-william pruitt accounts receivable-william pruitt bad debit expense cash sales allowance for doubtful accounts   Oct. 2                       Dec. 20.  Reinstated the account of William Pruitt and received $2,750 cash in full payment. Reinstate               Collection

Using the direct write-off method of accounting for uncollectible receivables. Transactions: 1 Sold merchandise on account to Jim Dobbs, $6,600. The cost of the merchandise is $2,640. April 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 for 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.

Using the allowance 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. CHART OF ACCOUNTS General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Supplies…

Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable.

Allowance Method versus Direct Write-Off Method  On March 10, May, Inc., declared a $2,500 account receivable from Anders Company as uncollectible and wrote off the account. On November 18, May received a $800 payment on the account from Anders. Assume that May uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account.   Assume that May uses the direct write-off method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account.   Assume that the payment from Anders arrives on the following February 5, rather than on November 18 of the current year. (1) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the allowance method. (2) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the direct write-off method.    a. General…

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Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17:  Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17   - Select - - Select -     - Select - - Select -     - Select - - Select -   Question Content Area July 29:  Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29   - Select - - Select -     - Select - - Select - July 29   - Select - - Select -     - Select - - Select -

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17:  Received $2,640 from William Pruitt and wrote off the remainder owed of $2,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17                       July 29:  Reinstated the account of William Pruitt and received $2,900 cash in full payment. July 29               July 29

Jeter Company uses the allowance method to account for uncollectible receivables. On April 2, Jeter Company wrote off a $820 account receivable from customer J. Maters. On May 12, Jeter Company unexpectedly received full payment from Maters on the previously written off account. Jeter Company records an adjusting entry for bad debts expense of $14,100 on May 31. 9. Journalize Jeter Company's write-off of the uncollectible receivable. 10. Journalize Jeter Company's collection of the previously written off receivable. 11. Journalize Jeter Company's adjustment for bad debts expense. 9. Journalize Jeter Company's write-off of the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Apr. 2 Accounts and Explanation Debit Credit

Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,770. The cost of the merchandise is $3,885. If an amount box does not require an entry, leave it blank. Apr. 1   fill in the blank 95f337068076f92_2 fill in the blank 95f337068076f92_3     fill in the blank 95f337068076f92_5 fill in the blank 95f337068076f92_6 Apr. 1   fill in the blank 95f337068076f92_8 fill in the blank 95f337068076f92_9     fill in the blank 95f337068076f92_11 fill in the blank 95f337068076f92_12 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10   fill in the blank becc7c06d02c06d_2 fill in the blank becc7c06d02c06d_3     fill in the blank becc7c06d02c06d_5 fill in the blank becc7c06d02c06d_6     fill in the blank becc7c06d02c06d_8 fill in the blank…