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Chrome File Edit View History Bookmarks People Window Help 4)) 896 D Sat 8:42 PM a E CengageNOWv2 Online teaching and learning resource from Cengage Learning v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMan.do?invokers&takeAssignmentSessionLocator;= assignment-take&inprogress-false; Entries for Uncollectible Accounts, using Direct Write-off Method 1. BE.08-03.ALGO 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.08-03.ALGO an. 19 Sold merchandise on account to Dr. Kyle Norby, $62,100. The cost of goods sold was $33,500 June 2 Received $18,000 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 $44,100 cash in full payment. 3. EX.08-04 ALGO 4. EX.08-13.BLANKSHEET.AL... 5. EX.08-19 For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 19-sale 6. EX.08-20.ALGO 7. PR.08-01.B 8. PR.08-04.ALGO Jan. 19-cost June 2 Oct. 23-reinstate Check My Work Previous Next Progress: 2/8 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 20Y7

Explanation / Answer

JOURNAL ENTRIES: Date Particulars Debit Credit Jan. 19-sale Accounts receivables 62,100 To Sales 62,100 Jan. 19-cost Cost of goods sold 33,500 To Inventory 33,500 2-Jun Bad debts expense 44,100 Cash 18,000 To Accounts receivables 62,100 Oct. 23-reinstate Accounts receivables 44,100 To Bad debts expense 44,100 * one entry is also required on oct. 23 for full payment of cash. Oct.23 Cash 44,100 To Accounts receivable 44,100       To Bad debts -

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