June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible.EX 08 01Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $34,300 cash in full payment.2 EX 08.02 ALGOIf an amount box does not require an entry, leave it blank.3. EX08 03 ALGOJan. 19-saleAccounts Receivable-Dr. Kyle Norby4. EX 08 04 AL GOSales5. EX 08 06 ALGOJan. 19-costCost of Goods Sold6. EX08.07Inventory7. EX 08 20 ALGOCashJune 2Bad Debt ExpenseAccounts Receivable Dr. Kyle Norby8. PR.08.02A BLANKSHEETOct. 23-reinstate Accounts Receivable-Dr. Kyle NorbyBad Debt ExpenseOct. 23-collection CashAllowance for Doubtful AccountsCheck My WorkPreviousNextProgress: 3/8 itemsII II III II 00 Entries for Uncollectible Accounts, using Direct Write-off Method1. EX 08 01Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off methodof accounting for uncollectible receivables:2 EX 08.02 ALGOJan. 19 Sold merchandise on account to Dr. Kyle Norby, $45,800. The cost of goods sold was $24,700.3. EX08 03 ALGOJune 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible.4. EX 08 04 ALGOOct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and recelved $34,300 cash in full payment.5. EX 08.06 ALGOIf an amount box does not require an entry, leave it blank.Accounts Receivable-Dr. Kyle Norby6. EX 0807Jan. 19-sale7. EX 08 20 ALGOSales8. PR08.02A BLANKSHEETJan. 19-costCost of Goods SoldInventoryJune 2CashBad Debt ExpenseAccounts Receivable-Dr. Kyle NorbyOct. 23-reinstate Accounts Receivable-Dr. Kyle NorbyBad Debt ExpenseCheck My Work(PreviousNext>Progress: 3/8 items

Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollctible. 1. EX 08 01 Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on Aune 2 and recelved s34,300 cash in full payment. 2 EX 08 02 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable Dr. Kyle Norby 3. EX O8 03 ALGO Jan. 19-sale 4. EX 08 04 ALGO Sales 5. EX 08 06 ALGO Cost of Goods Sold Jan. 19-cost 6. EX 08 07 Inventory EX 08 20 ALGO June 2 Cash Bad Debt Expense Accounts Receivable Dr. Kyle Norby 8. PRO8.02A BLANKSHEET Oct. 23-reinstate Accounts Receivable Dr. Kyle Norby Bad Debt Expense Oct. 23-collection Cash Allowance for Doubtful Accounts (Previous Next Check Hy Work Progress: a/a items II II III II 00 I0 I0 III II II

June 2 Received $11,500 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollctible. 1. EX 08 01 Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on Aune 2 and recelved s34,300 cash in full payment. 2 EX 08 02 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable Dr. Kyle Norby 3. EX O8 03 ALGO Jan. 19-sale 4. EX 08 04 ALGO Sales 5. EX 08 06 ALGO Cost of Goods Sold Jan. 19-cost 6. EX 08 07 Inventory EX 08 20 ALGO June 2 Cash Bad Debt Expense Accounts Receivable Dr. Kyle Norby 8. PRO8.02A BLANKSHEET Oct. 23-reinstate Accounts Receivable Dr. Kyle Norby Bad Debt Expense Oct. 23-collection Cash Allowance for Doubtful Accounts (Previous Next Check Hy Work Progress: a/a items II II III II 00 I0 I0 III II II

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 5PA: Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of...

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Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.
Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.
Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
DIRECT WRITE-OFF METHOD Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form: