FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The image appears to be a screenshot from an educational accounting software or e-learning platform. It shows an interactive exercise related to journal entries for specific financial transactions. Here is the transcription of the image content:

---

**Exercise Screen:**

1. (EX 08-01 to EX 08-03 ALGO) 
2. EX 08-01
3. EX 08-02 ALGO
4. EX 08-03 ALGO
5. EX 08-04 ALGO
6. EX 08-05 ALGO
7. EX 08-06 ALGO
8. EX 08-07
9. EX 08-07A
10. EX 08-08
11. PR 08-02A BLANKSHEET

**Instructions:**

- June 2: Received $11,500 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 $34,300 cash in full payment.

If an amount box does not require an entry, leave it blank.

**Journal Entries Table:**

1. **Jan. 19 - Sale**
   - Accounts Receivable - Dr. Kyle Norby
   - Sales

2. **Jan. 19 - Cost**
   - Cost of Goods Sold
   - Inventory

3. **June 2**
   - Cash
   - Bad Debt Expense
   - Accounts Receivable - Dr. Kyle Norby

4. **Oct. 23 - Reinstate**
   - Accounts Receivable - Dr. Kyle Norby
   - Bad Debt Expense

5. **Oct. 23 - Collection**
   - Cash
   - Allowance for Doubtful Accounts

**Navigation:**

- Options to "Check My Work"
- Buttons for "Previous" and "Next"
- Progress shows 3/8 items completed

---

The exercise requires entering appropriate values for each journal entry related to the provided financial scenarios. It is likely an accounting exercise focusing on accounts receivable and bad debt management.
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Transcribed Image Text:The image appears to be a screenshot from an educational accounting software or e-learning platform. It shows an interactive exercise related to journal entries for specific financial transactions. Here is the transcription of the image content: --- **Exercise Screen:** 1. (EX 08-01 to EX 08-03 ALGO) 2. EX 08-01 3. EX 08-02 ALGO 4. EX 08-03 ALGO 5. EX 08-04 ALGO 6. EX 08-05 ALGO 7. EX 08-06 ALGO 8. EX 08-07 9. EX 08-07A 10. EX 08-08 11. PR 08-02A BLANKSHEET **Instructions:** - June 2: Received $11,500 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 $34,300 cash in full payment. If an amount box does not require an entry, leave it blank. **Journal Entries Table:** 1. **Jan. 19 - Sale** - Accounts Receivable - Dr. Kyle Norby - Sales 2. **Jan. 19 - Cost** - Cost of Goods Sold - Inventory 3. **June 2** - Cash - Bad Debt Expense - Accounts Receivable - Dr. Kyle Norby 4. **Oct. 23 - Reinstate** - Accounts Receivable - Dr. Kyle Norby - Bad Debt Expense 5. **Oct. 23 - Collection** - Cash - Allowance for Doubtful Accounts **Navigation:** - Options to "Check My Work" - Buttons for "Previous" and "Next" - Progress shows 3/8 items completed --- The exercise requires entering appropriate values for each journal entry related to the provided financial scenarios. It is likely an accounting exercise focusing on accounts receivable and bad debt management.
**Entries for Uncollectible Accounts using the 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:

1. **Jan. 19**  
   - Sold merchandise on account to Dr. Kyle Norby, $45,800.  
   - The cost of goods sold was $24,700.

2. **June 2**  
   - Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible.

3. **Oct. 23**  
   - Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $34,300 cash in full payment.

**Instructions:**
If an amount box does not require an entry, leave it blank.

| Date       | Account Title                              | Debit     | Credit    |
|------------|--------------------------------------------|-----------|-----------|
| Jan. 19-sale | Accounts Receivable-Dr. Kyle Norby          |           |           |
|              | Sales                                      |           |           |
| Jan. 19-cost | Cost of Goods Sold                         |           |           |
|              | Inventory                                  |           |           |
| June 2       | Cash                                       |           |           |
|              | Bad Debt Expense                           |           |           |
|              | Accounts Receivable-Dr. Kyle Norby         |           |           |
| Oct. 23-reinstate | Accounts Receivable-Dr. Kyle Norby     |           |           |
|                  | Bad Debt Expense                       |           |           |

**Action Buttons:**
- Check My Work
- Previous
- Next

Progress: 3/8 items
expand button
Transcribed Image Text:**Entries for Uncollectible Accounts using the 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: 1. **Jan. 19** - Sold merchandise on account to Dr. Kyle Norby, $45,800. - The cost of goods sold was $24,700. 2. **June 2** - Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. 3. **Oct. 23** - Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $34,300 cash in full payment. **Instructions:** If an amount box does not require an entry, leave it blank. | Date | Account Title | Debit | Credit | |------------|--------------------------------------------|-----------|-----------| | Jan. 19-sale | Accounts Receivable-Dr. Kyle Norby | | | | | Sales | | | | Jan. 19-cost | Cost of Goods Sold | | | | | Inventory | | | | June 2 | Cash | | | | | Bad Debt Expense | | | | | Accounts Receivable-Dr. Kyle Norby | | | | Oct. 23-reinstate | Accounts Receivable-Dr. Kyle Norby | | | | | Bad Debt Expense | | | **Action Buttons:** - Check My Work - Previous - Next Progress: 3/8 items
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