Direct write-off methodJournalize the following transactions, using the direct write-off method of accounting for uncollectible receivables.Mar. 17: Received $2,200 from Shawn McNeely and wrote off the remainder owed of $4,970 as uncollectible. If an amount box does not require an entry, leave it blank.Mar. 17 CashBad Debt ExpenseAccounts Receivable-Shawn McNeelyJuly 29: Reinstated the account of Shawn McNeely and received $4,970 cash in full payment. If an amount box does not require an entry, leave it blank.July 29 Accounts Receivable-Shawn McNeelyJuly 29Allowance for Doubtful Accounts00 0010 00

ACCOUNTING FOR BAD DEBTS Business entities sell on credit rather than only for cash to increase…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
Direct write-off methodJournalize the following transactions, using the direct write-off methodof accounting for uncollectible receivables:Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible.July 29 Reinstated the account of Shawn McNeely and received $1,000cash in full payment.
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $3,220 from Paula Spitler and wrote off the remainder owed of $1,930 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash fill in the blank 035d8afee01bfea_2 fill in the blank 035d8afee01bfea_3 Allowance for Doubtful Accounts fill in the blank 035d8afee01bfea_5 fill in the blank 035d8afee01bfea_6 Accounts Receivable-Paula Spitler fill in the blank 035d8afee01bfea_8 fill in the blank 035d8afee01bfea_9 July 29: Reinstated the account of Paula Spitler and received $1,930 cash in full payment. July 29 fill in the blank e6591afdffdafad_2 fill in the blank e6591afdffdafad_3 fill in the blank e6591afdffdafad_5 fill in the blank e6591afdffdafad_6 July 29 fill in the blank e6591afdffdafad_8 fill in the blank e6591afdffdafad_9 fill in the blank e6591afdffdafad_11 fill in the…
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $2,870 from Ian Kearns and wrote off the remainder owed of $2,960 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Cash Bad Debt Expense Accounts Receivable-Ian Kearns Dec. 20. Reinstated the account of Ian Kearns and received $2,960 cash in full payment. Reinstate Accounts Receivable-Ian Kearns Bad Debt Expense Collection Cash
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $2,900 from Keith MacPhearson and wrote off the remainder owed of $3,740 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20. Reinstated the account of Keith MacPhearson and received $3,740 cash in full payment. Reinstate Collection
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $1,140 from Elita Ramirez and wrote off the remainder owed of $2,570 as uncollectible. If an amount box does not reguire an entry, leave it blank. Oct. 2 Accounts Payable-Elita Ramirez lita Ramirez and received $2,570 cash in full payment. If an amount box does not require an entry, leave it blank. Accounts Receivable-Elita Ramirez Allowance for Doubtful Accounts Bad Debt Expense Cash
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $1,970 from Ian Kearns and wrote off the remainder owed of $1,360 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20. Reinstated the account of Ian Kearns and received $1,360 cash in full payment. Reinstate Collection
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,060 from Ian Kearns and wrote off the remainder owed of $2,310 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Ian Kearns and received $2,310 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate Dec. 20-Collection
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Feb. 20 Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible. May 10 Reinstated the account of Andrew Warren and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank. Feb. 20 Cash Cash Bad Debt Expense Bad Debt Expense Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warren May 10 Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warren Bad Debt Expense Bad Debt Expense May 10 Cash Cash Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warren
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $2,040 from William Pruitt and wrote off the remainder owed of $3,040 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20. Reinstated the account of William Pruitt and received $3,040 cash in full payment. If an amount box does not require an entry, leave it blank. Reinstate Collection
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $2,570 from Ian Kearns and wrote off the remainder owed of $3,910 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Ian Kearns and received $3,910 cash in full payment. July 29 18 July 29

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