Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise sold is $6,100. If an amount box does not require an entry, leave it blank. Apr. 1 Accounts Receivable 7,200 Sales 7,200 Apr. 1 Cost of Goods Sold Inventory 6,100 6,100 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder as uncollectible. If an amount box does not require an entry, leave it blank. June 10 Cash Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Next

Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise sold is $6,100. If an amount box does not require an entry, leave it blank. Apr. 1 Accounts Receivable 7,200 Sales 7,200 Apr. 1 Cost of Goods Sold Inventory 6,100 6,100 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder as uncollectible. If an amount box does not require an entry, leave it blank. June 10 Cash Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Next

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15MC: A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize...

See similar textbooks

Similar questions

A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods sold
Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, 680 plus 54.40 sales tax (invoice no. D446). b. Bauer returned 105.50 of the merchandise. Issued credit memo no. 114 for 113.94 (105.50 for the amount of the sale plus 8.44 for the amount of the sales tax).
Record the following transactions in general journal form. a. Sold merchandise on account to D. North, invoice no. 4556, 2,515.25. b. Sold merchandise on account to NexStar Industries, invoice no. 4557, 775.00. c. NexStar Industries returned 225.50 worth of the merchandise. Issued credit memo no. 101.
A customer obtains a purchase allowance from the retailer in the amount of $220 for damaged merchandise. Which of the following represents the journal entry for this transaction if the customer has not yet remitted payment? A. B. C.
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,000. The cost of the merchandise is $7,200. If an amount box does not require an entry, leave it blank. April 1 fill in the blank 84396d094fddfdf_2 fill in the blank 84396d094fddfdf_3 fill in the blank 84396d094fddfdf_5 fill in the blank 84396d094fddfdf_6 April 1 fill in the blank 84396d094fddfdf_8 fill in the blank 84396d094fddfdf_9 fill in the blank 84396d094fddfdf_11 fill in the blank 84396d094fddfdf_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 19ebf5fd6006061_2 fill in the blank 19ebf5fd6006061_3 fill in the blank 19ebf5fd6006061_5 fill in the blank 19ebf5fd6006061_6 fill in the blank 19ebf5fd6006061_8 fill in the blank…
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…
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,800. The cost of the merchandise sold is $5,500. If an amount box does not require an entry, leave it blank. Apr. 1 Apr. 1 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder as uncollectible. If an amount box does not require an entry, leave it blank. June 10 ?
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,500. The cost of the merchandise is $6,300. If an amount box does not require an entry, leave it blank. April 1 April 1 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 Oct. 11 Reinstated the account of Jim Dobbs and received $5,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Oct. 11
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $9,000. The cost of the merchandise is $7,000. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable Accounts Receivable Sales Sales April 1 Cost of Goods Sold Cost of Goods Sold Inventory Inventory 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 Cash Cash Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Accounts Receivable-Jim Dobbs Oct. 11 Reinstated the account of Jim Dobbs and received $6,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Accounts Receivable-Jim…
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $9,000. The cost of the merchandise is $7,000. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable Accounts Receivable Sales Sales April 1 Cost of Goods Sold Cost of Goods Sold Inventory Inventory 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 - Select - - Select - - Select - - Select - - Select - - Select - Oct. 11 Reinstated the account of Jim Dobbs and received $6,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Allowance for…