Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,800. The cost of the merchandise sold is $5,500. If an amount box does not require an entry, leave it blank. Apr. 1 Apr. 1 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder as uncollectible. If an amount box does not require an entry, leave it blank. June 10

Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,800. The cost of the merchandise sold is $5,500. If an amount box does not require an entry, leave it blank. Apr. 1 Apr. 1 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder as uncollectible. If an amount box does not require an entry, leave it blank. June 10

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
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Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,000. The cost of the merchandise is $7,200. If an amount box does not require an entry, leave it blank. April 1 fill in the blank 84396d094fddfdf_2 fill in the blank 84396d094fddfdf_3 fill in the blank 84396d094fddfdf_5 fill in the blank 84396d094fddfdf_6 April 1 fill in the blank 84396d094fddfdf_8 fill in the blank 84396d094fddfdf_9 fill in the blank 84396d094fddfdf_11 fill in the blank 84396d094fddfdf_12 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 fill in the blank 19ebf5fd6006061_2 fill in the blank 19ebf5fd6006061_3 fill in the blank 19ebf5fd6006061_5 fill in the blank 19ebf5fd6006061_6 fill in the blank 19ebf5fd6006061_8 fill in the blank…
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Using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,800. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles.
Using the allowance method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,500. The cost of the merchandise is $3,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for…
Using the allowance method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Supplies…
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $9,000. The cost of the merchandise is $7,000. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable Accounts Receivable Sales Sales April 1 Cost of Goods Sold Cost of Goods Sold Inventory Inventory June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 - Select - - Select - - Select - - Select - - Select - - Select - Oct. 11 Reinstated the account of Jim Dobbs and received $6,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Accounts Receivable-Jim Dobbs Allowance for Doubtful Accounts Allowance for…
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $9,000. The cost of the merchandise is $7,000. If an amount box does not require an entry, leave it blank. April 1 Accounts Receivable Accounts Receivable Sales Sales April 1 Cost of Goods Sold Cost of Goods Sold Inventory Inventory June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 Cash Cash Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts Receivable-Jim Dobbs Accounts Receivable-Jim Dobbs Oct. 11 Reinstated the account of Jim Dobbs and received $6,000 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 Accounts Receivable-Jim Dobbs Accounts Receivable-Jim…
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $5,100. If an amount box does not require an entry, leave it blank. April 1 - Select - - Select - - Select - - Select - April 1 - Select - - Select - - Select - - Select - June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 - Select - - Select - - Select - - Select - - Select - - Select - Oct. 11 Reinstated the account of Jim Dobbs and received $5,600 cash in full payment. If an amount box does not require an entry, leave it blank. Oct. 11 - Select - - Select - - Select - - Select - Oct. 11 - Select - - Select - - Select - - Select -
. Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment.
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $4,500. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank.