Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Jan. 30. Sold
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Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:
Jan. 30. Sold merchandise on account to Jane Doe, $80,000. The cost of the merchandise sold was $45,000.
June 3. Received $48,000 and wrote off the remainder owed on the sale of January 30 as uncollectible.
Nov. 27. Reinstated the account that had been written off on June 3 and received cash in full payment.
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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