Journalize the folloing transactions in the accounts of Canyon River Madical Co.

Question

Journalize the folloing transactions in the accounts of Canyon River Madical Co., a madical aquipment company that uses the direct write-off method of accounting for uncollactible Jan une 2 Recaived $7,700 from Dr. Kyle Norby and wrote off the romainder owed on the sale of January 19 as uncollectible Oct. 23 Sold merchandise on account to Dr. Kyle Norby, 38,600, The cost of goods sold was s2o.800. 19 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $30,900 cash in full payment For 8 compound transaction, if 8n-mount box does not require 8n entry, leave it blank. an. 19-zala an. 19-cost June 2 Oct. 23-reinstato Check My Work Next save and Exit submit Assignment for Grading

Explanation / Answer

Journal entry :

Date accountss & explanation debit credit Jan 19 Account receivable 38600      Sales revenue 38600 (To record credit sales) Jan 19 Cost of goods sold 20800    Merchandise inventory 20800 (To record cost of goods sold) June 2 Cash 7700 Bad debt expense 30900      Account receivable 38600 (To record cash collection and write off) Oct 23 Account receivable 30900      Bad debt expense 30900 (To record account reinstate) Oct 23 Cash 30900      Account receivable 30900 (To record amount received)

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