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 08-013. EX 08-02 ALGO4. EX 08-03 ALGO5. EX 08-04 ALGO6. EX 08-05 ALGO7. EX 08-06 ALGO8. EX 08-079. EX 08-07A10. EX 08-0811. 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 - Sales2. **Jan. 19 - Cost** - Cost of Goods Sold - Inventory3. **June 2** - Cash - Bad Debt Expense - Accounts Receivable - Dr. Kyle Norby4. **Oct. 23 - Reinstate** - Accounts Receivable - Dr. Kyle Norby - Bad Debt Expense5. **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- NextProgress: 3/8 items

Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollctible. 1. EX 08 01 Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on Aune 2 and recelved s34,300 cash in full payment. 2 EX 08 02 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable Dr. Kyle Norby 3. EX O8 03 ALGO Jan. 19-sale 4. EX 08 04 ALGO Sales 5. EX 08 06 ALGO Cost of Goods Sold Jan. 19-cost 6. EX 08 07 Inventory EX 08 20 ALGO June 2 Cash Bad Debt Expense Accounts Receivable Dr. Kyle Norby 8. PRO8.02A BLANKSHEET Oct. 23-reinstate Accounts Receivable Dr. Kyle Norby Bad Debt Expense Oct. 23-collection Cash Allowance for Doubtful Accounts (Previous Next Check Hy Work Progress: a/a items II II III II 00 I0 I0 III II II

June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollctible. 1. EX 08 01 Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on Aune 2 and recelved s34,300 cash in full payment. 2 EX 08 02 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable Dr. Kyle Norby 3. EX O8 03 ALGO Jan. 19-sale 4. EX 08 04 ALGO Sales 5. EX 08 06 ALGO Cost of Goods Sold Jan. 19-cost 6. EX 08 07 Inventory EX 08 20 ALGO June 2 Cash Bad Debt Expense Accounts Receivable Dr. Kyle Norby 8. PRO8.02A BLANKSHEET Oct. 23-reinstate Accounts Receivable Dr. Kyle Norby Bad Debt Expense Oct. 23-collection Cash Allowance for Doubtful Accounts (Previous Next Check Hy Work Progress: a/a items II II III II 00 I0 I0 III II II

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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…
3
5
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
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,060 from Ian Kearns and wrote off the remainder owed of $2,310 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Ian Kearns and received $2,310 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate Dec. 20-Collection
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $2,570 from Ian Kearns and wrote off the remainder owed of $3,910 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Ian Kearns and received $3,910 cash in full payment. July 29 18 July 29
plz help thank you
TB MC Qu. 07-94 (Algo) Gideon Company uses... Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,300 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice Account Title Debit Credit Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts 2,300 2,300 Account Title Allowance for Doubtful Accounts Debit Credit 2,300 Bad debts expense 2,300 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,300 ( Prev 14 of 20 Next > MAR 15 tv MacBook Air DD F2 F4 F5 F6 F7 F8 F9 # %24 & 2 3 8. W R T Y D F G H J K
Question: A customer who owes Berry Sales Company $2,000 is declared bankrupt by a federal court. What journal entry would be made to write off this account: A. Allowance for Uncollectable Accounts 2,000 Accounts Receivable/Customer Account 2,000 B. Accounts Receivable/Customer Account 2,000 Allowance for Uncollectable Accounts 2,000 C. Accounts Receivable 2,000 Notes Receivable 2,000 D. Cash 2,000 Accounts Receivable 2,000
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $1,970 from Ian Kearns and wrote off the remainder owed of $1,360 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20. Reinstated the account of Ian Kearns and received $1,360 cash in full payment. Reinstate Collection
Entries to Write Off Accounts Receivable Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Bad Debt Expense Accounts Receivable-Philadelphia Inc. ✔ Feedback 45,800 Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Feedback 45,800 b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. ✓ Check My Work
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,590 from Paula Spitler and wrote off the remainder owed of $3,000 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Paula Spitler and received $3,000 cash in full payment. July 29 3E July 29