Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $5,000. The cost of goods sold was $2,200. June 2. Received $400 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $4,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Cash V Bad Debt Expense Oct. 23-collection V Accounts Receivable-Dr. Kyle Norby Oct. 23-reinstate Accounts Receivable-Dr. Kyle Norby Bad Debt Expense ✓ 400 X ✓ -V 4,600 ✓ 0 0 4,600 X

Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $5,000. The cost of goods sold was $2,200. June 2. Received $400 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $4,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Cash V Bad Debt Expense Oct. 23-collection V Accounts Receivable-Dr. Kyle Norby Oct. 23-reinstate Accounts Receivable-Dr. Kyle Norby Bad Debt Expense ✓ 400 X ✓ -V 4,600 ✓ 0 0 4,600 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entries for uncollectible accounts, using direct write-off methodJournalize the following transactions in the accounts of ChampionMedical Co., a medical equipment company that uses the direct write-offmethod of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $30,000.The cost of the merchandise sold was $20,500. July 7. Received $12,000 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Nov. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $18,000 cash in full payment.
Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $45,600. The cost of goods sold was $24,600. June 2. Received $12,800 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $32,800 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate Oct. 23-collection 000 00 00
Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $5,000. The cost of goods sold was $2,200. June 2. Received $400 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $4,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct 23-reinstate 00000
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $46,300. The cost of goods sold was $25,000. June 2 Received $11,100 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $35,200 cash in full payment. If an amount box does not require an entry, leave it blank.
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $46,300. The cost of goods sold was $25,000. June 2 Received $11,100 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $35,200 cash in full payment.
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $37,600. The cost of the merchandise sold was $20,300. July 7. Received $8,600 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $29,000 cash in full payment. If an amount box does not require an entry, leave it blank.
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $47,300. The cost of the merchandise sold was $25,500. July 7. Received $11,800 from Dr. Sindair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $35,500 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 Nov. 2-reinstate Nov. 2-collection
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $42,700. The cost of the merchandise sold was $23,100. July 7. Received $11,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $31,200 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Jan. 19-cost fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 July 7 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the…
Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of champion medical company, a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables. January 19th sold merchandise on account to Dr Dale Van dyken, $57,900. The cost of the merchandise sold was $31, 300. July 7th received $16,800 from Dr Dale Van dyken and wrote off the remainder road on the sale of January 19th as on collectible. November 2nd reinstated the account for Dr Van dyken that had been written off on July 7th and received $41,100 cash in full payment. for a compound transaction, if an amount box does not require an entry leave it blank. January 19th sale _____ _____ January 19th cost______ ______ July 7th ______ _______ _______ November 2nd reinstate _______ _______…
Journalize the following transactions in the accounts of Laser Tech Co., a medical equipment company that uses the direct write-off method of accounting for uncol- lectible receivables: Feb. 23. Sold merchandise on account to Dr. Judith Salazar, $41,500. The cost of the merchandise sold was $22,300. May 10. Received $10,000 from Dr. Judith Salazar and wrote off the remainder owed on the sale of February 23 as uncollectible. Dec. 2. Reinstated the account of Dr. Judith Salazar that had been written off on May 10 and received $31,500 cash in full payment.
Journalize the following transactions in the accounts of Champion Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $30,000. The cost of the merchandise sold was $20,500.July 7. Received $12,000 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible.Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $18,000 cash in full payment.
Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $38,700. The cost of the merchandise sold was $20,900. July 7. Received $8,100 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $30,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale - Select - - Select - - Select - - Select - Jan. 19-cost - Select - - Select - - Select - - Select - July 7 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 2-reinstate - Select - - Select - - Select - - Select - Nov. 2-collection - Select - - Select -…