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 Dobbs Allowance for Doubtful Accounts Allowance for Doubtful Accounts Oct. 11 Cash Cash Accounts Receivable-Jim Dobbs Accounts Receivable-Jim Dobbs
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 Dobbs Allowance for Doubtful Accounts Allowance for Doubtful Accounts Oct. 11 Cash Cash Accounts Receivable-Jim Dobbs Accounts Receivable-Jim Dobbs
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 1CP
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Question
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 | |
|
|
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 Dobbs |
|
|
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | |
| Oct. 11 |
|
Cash | Cash |
|
|
Accounts Receivable-Jim Dobbs | Accounts Receivable-Jim Dobbs |
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