torta ssignment-take&inprogress;= false I-ao eBook Show Me How Entries for Uncol

Question

torta ssignment-take&inprogress;= false I-ao eBook Show Me How Entries for Uncollectible Accounts, using Direct Write-Off Method ournalize 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, $57,600. The cost of goods sold was $31,100 Dune 2 Received $13,800 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 $43,800 cash in full payment. For a compound transaction, 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 Previous Next Check My Work

Explanation / Answer

jan 19-sale Account receivable 57,600 sales 57,600 jan 19-cost cost of goods sold 31,100 merchandise inventory 31,100 2-Jun cash 13,800 bad debts expense 43,800 Accounts receivable 57,600 oct 23-reinstate account receivable 43,800 bad debts recovered 43,800 oct 23-collection Cash 43,800 account receivable 43,800

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