readingYoulubeeBookShow Me HowE CalculatorJournalize the Tollowwing transactions in the accounts of Chanmplon Medical Co., a medical equipment company tnat uses thne direct write-off method of acCOuncollectible receivables:Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $50,400. The cost of the merchandise sold was $27,200.July 7. Received $10,600 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 $39,800 cash in full payment.For a compound transaction, if an amount box does not require an entry, leave it blank.Jan. 19-saleJan. 19-costJuly 7Nov. 2-reinstateNov. 2-collection( PreviousCheck My Work00000

As per the direct write off method, expenses of bad debt are direct charged to bad debt expense…

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Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 3AP

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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.
Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
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.
The purchases journal for J. K. Insurance for the month of October is represented below. Accounts Payable is account number 202 and Purchases is account number 501. PURCHASES JOURNAL Page 5 Date Invoice No. From Whom Purchased Post Ref. Purchases Debit/Accounts PayableCredit Oct. 2 3118 Express Florist √ 3,550.00 4 3119 T. C. S. Supplies √ 2,790.00 8 3120 Auto Body Repair √ 3,850.00 9 3121 Signs Unlimited √ 4,150.00 10 3122 Dynasty Limo √ 2,380.00 15 3123 T. C. S. Supplies √ 2,150.00 18,870.00 Required: 1. Post the information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Oct. 2 P5 fill in the blank a5cc1f014fedfa2_2 fill in the blank a5cc1f014fedfa2_3 fill in the blank a5cc1f014fedfa2_4 fill in the blank a5cc1f014fedfa2_5 ACCOUNT Purchases ACCOUNT NO. 501…
The purchases journal for J. K. Insurance for the month of October is represented below. Accounts Payable is account number 202 and Purchases is account number 501. PURCHASES JOURNAL Page 5 Date Invoice No. From Whom Purchased Post Ref. Purchases Debit/Accounts PayableCredit Oct. 2 3118 Express Florist √ 3,550.00 4 3119 T. C. S. Supplies √ 2,790.00 8 3120 Auto Body Repair √ 3,850.00 9 3121 Signs Unlimited √ 4,150.00 10 3122 Dynasty Limo √ 2,380.00 15 3123 T. C. S. Supplies √ 2,150.00 18,870.00 Required: 1. Post the information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT P5 ACCOUNT Purchases ACCOUNT NO. 501 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT P5 ACCOUNTS PAYABLE LEDGER ACCOUNT Auto Body Repair…
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.
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
wo transactions were posted to the following customer account. NAME: Boogie Board Water WearADDRESS: 2340 Xtreme Surf Date Item Post. Ref. Debit Credit Balance July 1 Balance 805 6 Invoice No. 406 R42 645 1,450 24 Invoice No. 456 CR56 710 740 Describe each transaction and the source of each posting. July 6 Sold $_______on account to Boogie Board Water Wear. July 24 Cash of $_________ was collected from Boogie Board Water Wear.
Problem Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.
Entries for Uncollectible Accounts, using Direct Write-off Method 1. EX 08 01 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: 2 EX 08.02 ALGO Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $45,800. The cost of goods sold was $24,700. 3. EX08 03 ALGO June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. 4. EX 08 04 ALGO Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and recelved $34,300 cash in full payment. 5. EX 08.06 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable-Dr. Kyle Norby 6. EX 0807 Jan. 19-sale 7. EX 08 20 ALGO Sales 8. PR08.02A BLANKSHEET 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.…
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 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

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