Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,770. The cost of the merchandise is $3,885. If an amount box does not require an entry, leave it blank. Apr. 1 fill in the blank 95f337068076f92_2 fill in the blank 95f337068076f92_3 fill in the blank 95f337068076f92_5 fill in the blank 95f337068076f92_6 Apr. 1 fill in the blank 95f337068076f92_8 fill in the blank 95f337068076f92_9 fill in the blank 95f337068076f92_11 fill in the blank 95f337068076f92_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 becc7c06d02c06d_2 fill in the blank becc7c06d02c06d_3 fill in the blank becc7c06d02c06d_5 fill in the blank becc7c06d02c06d_6 fill in the blank becc7c06d02c06d_8 fill in the blank becc7c06d02c06d_9 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. Oct. 11 fill in the blank ca0171041f98023_2 fill in the blank ca0171041f98023_3 fill in the blank ca0171041f98023_5 fill in the blank ca0171041f98023_6 Oct. 11 fill in the blank ca0171041f98023_8 fill in the blank ca0171041f98023_9 fill in the blank ca0171041f98023_11 fill in the blank ca0171041f98023_12
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Journalize the following transactions using the allowance method of accounting for uncollectible receivables.
Apr. 1 Sold merchandise on account to Jim Dobbs, $7,770. The cost of the merchandise is $3,885. If an amount box does not require an entry, leave it blank.
| Apr. 1 | fill in the blank 95f337068076f92_2 | fill in the blank 95f337068076f92_3 | |
| fill in the blank 95f337068076f92_5 | fill in the blank 95f337068076f92_6 | ||
| Apr. 1 | fill in the blank 95f337068076f92_8 | fill in the blank 95f337068076f92_9 | |
| fill in the blank 95f337068076f92_11 | fill in the blank 95f337068076f92_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 becc7c06d02c06d_2 | fill in the blank becc7c06d02c06d_3 | |
| fill in the blank becc7c06d02c06d_5 | fill in the blank becc7c06d02c06d_6 | ||
| fill in the blank becc7c06d02c06d_8 | fill in the blank becc7c06d02c06d_9 |
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.
| Oct. 11 | fill in the blank ca0171041f98023_2 | fill in the blank ca0171041f98023_3 | |
| fill in the blank ca0171041f98023_5 | fill in the blank ca0171041f98023_6 | ||
| Oct. 11 | fill in the blank ca0171041f98023_8 | fill in the blank ca0171041f98023_9 | |
| fill in the blank ca0171041f98023_11 | fill in the blank ca0171041f98023_12 |
Journal entry means the entry in prime book with chronological order.
Journal entry should have debit with equal and corresponding credit.
Necessary journal entries has been passed.
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