FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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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