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CengageNow 2 Onlin × le chegg study Guided Solut C scengsgelowyl onlin) a row.com/m/takeAssignment tak AssignmentMandoinvoker-assignments& keAssgm Ses to asign tatanorarg mk Calculator Collection of Account Written off-Allowance Method Raynette Ramos, owner of Ramos Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general jounal form: July 9 Wrote off $6,724 owed by Sue Sanchez, who has no assets Aug. 15 Wrote off $4,596 owed by Lonnie Jones, who declared bankruptcy. Sept. 23 Reinstated the account of Sue Sanchez, which had been written off on July 9, and received $6,724 cash in full settlement If an amount box does not require an entry, leave it blank. Page: 1 DOC. POST. DEBIT CREDIT NO. REF. DATE ACCOUNT TITLE 1 20--Jul. 9 Allowance for Doubtful Accounts Accounts Receivable/S. Sanchez Wrote off uncollectible account Allowance for Doubtful Accounts Accounts Receivable/L. Jones Wrote off uncollectible account 4 Aug. 15

Explanation / Answer

Date

Accounts and explanations

Debit ($)

Credit ($)

Jul-09

Allowance for doubtful debts

6724

Accounts receivable / S Sanchez

6724

(Being bad debt recorded)

Aug-15

Allowance for doubtful debts

4596

Accounts receivable / Lonnie Jones

4596

(Being bad debt recorded)

Sep-23

Accounts receivable / S Sanchez

6724

Allowance for doubtful debts

6724

(Being accounts receivable reinstated)

Bank

6724

Accounts receivable / S Sanchez

6724

(Being the cash received from S Sanchez)

Date

Accounts and explanations

Debit ($)

Credit ($)

Jul-09

Allowance for doubtful debts

6724

Accounts receivable / S Sanchez

6724

(Being bad debt recorded)

Aug-15

Allowance for doubtful debts

4596

Accounts receivable / Lonnie Jones

4596

(Being bad debt recorded)

Sep-23

Accounts receivable / S Sanchez

6724

Allowance for doubtful debts

6724

(Being accounts receivable reinstated)

Bank

6724

Accounts receivable / S Sanchez

6724

(Being the cash received from S Sanchez)

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