EX 9-3 Entries for uncollectible accounts, using direct write-off methodOBJ.3Journalize the following transactions in the accounts of Arrow Medical Co., a medicalequipment company that uses the direct write-off method of accounting for uncollectiblereceivables:Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $77,000. The cost of themerchandise sold was $52.600.July7. Received $30,800 from Dr. Sinclair Welby and wrote off the remainder owed onthe sale of January 19 as uncollectible.Nov.2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7and received $46,200 cash in full payment. OBJ. 3anobulo EX 9-3 Entries for uncollectible accounts, using direct write-off methodJournalize the following transactions in the accounts of Arrow Medical Co., a medicalequipment company that uses the direct write-off method of accounting for uncollectiblereceivables:000,1800T AS Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $77,000. The cost of theycconura 16cemerchandise sold was $52,600.July 7. Received $30,800 from Dr. Sinclair Welby and wrote off the remainder owed ond sales for the year total30ANov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7the sale of January 19 as uncollectible.and received $46,200 cash in full payment.

A trial balance is a backbone of accounting as it includes a list of all general ledger account. It…

EX 9-3 Entries for uncollectible accounts, using direct write-off method OBJ.3 Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $77,000. The cost of the merchandise sold was $52.600. July 7. Received $30,800 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $46,200 cash in full payment.

EX 9-3 Entries for uncollectible accounts, using direct write-off method OBJ.3 Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $77,000. The cost of the merchandise sold was $52.600. July 7. Received $30,800 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $46,200 cash in full payment.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 6SEA: DIRECT WRITE-OFF METHOD Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in...

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Entries for Uncollectible Accounts, using Direct Write-off Method 1. EX 08 01 Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: 2 EX 08.02 ALGO Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $45,800. The cost of goods sold was $24,700. 3. EX08 03 ALGO June 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 ALGO Oct. 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 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable-Dr. Kyle Norby 6. EX 0807 Jan. 19-sale 7. EX 08 20 ALGO Sales 8. PR08.02A BLANKSHEET Jan. 19-cost Cost of Goods Sold Inventory June 2 Cash Bad Debt Expense Accounts Receivable-Dr. Kyle Norby Oct. 23-reinstate Accounts Receivable-Dr.…
Entries for uncollectible accounts, using direct write-off methodJournalize the following transactions in the accounts of ChampionMedical Co., a medical equipment company that uses the direct write-offmethod of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $30,000.The cost of the merchandise sold was $20,500. July 7. Received $12,000 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Nov. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $18,000 cash in full payment.
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $42,700. The cost of the merchandise sold was $23,100. July 7. Received $11,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $31,200 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Jan. 19-cost fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 July 7 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the…
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $47,300. The cost of the merchandise sold was $25,500. July 7. Received $11,800 from Dr. Sindair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $35,500 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 Nov. 2-reinstate Nov. 2-collection
Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $45,600. The cost of goods sold was $24,600. June 2. Received $12,800 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $32,800 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate Oct. 23-collection 000 00 00
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $37,600. The cost of the merchandise sold was $20,300. July 7. Received $8,600 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $29,000 cash in full payment. If an amount box does not require an entry, leave it blank.
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.
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:
Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $38,700. The cost of the merchandise sold was $20,900. July 7. Received $8,100 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $30,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale - Select - - Select - - Select - - Select - Jan. 19-cost - Select - - Select - - Select - - Select - July 7 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 2-reinstate - Select - - Select - - Select - - Select - Nov. 2-collection - Select - - Select -…
Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $5,000. The cost of goods sold was $2,200. June 2. Received $400 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $4,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct 23-reinstate 00000
Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of champion medical company, a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables. January 19th sold merchandise on account to Dr Dale Van dyken, $57,900. The cost of the merchandise sold was $31, 300. July 7th received $16,800 from Dr Dale Van dyken and wrote off the remainder road on the sale of January 19th as on collectible. November 2nd reinstated the account for Dr Van dyken that had been written off on July 7th and received $41,100 cash in full payment. for a compound transaction, if an amount box does not require an entry leave it blank. January 19th sale _____ _____ January 19th cost______ ______ July 7th ______ _______ _______ November 2nd reinstate _______ _______…
Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $77,000. The cost of the merchandise sold was $52,600. July 7. Received $30,800 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $46,200 cash in full payment.