Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that
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Question:
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:
Date | Transaction |
---|---|
Jan. 19. | Sold merchandise on account to Dr. Kyle Norby, $58,100. The cost of goods sold was $31,400. |
June 2. | Received $13,900 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 $44,200 cash in full payment. |
If an amount box does not require an entry, leave it blank.
Date | Account | Debit | Credit |
---|---|---|---|
Jan. 19-sale | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsCashSales | - Select - | - Select - |
Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsCashSales | - Select - | - Select - | |
Jan. 19-cost | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyCashCost of Goods SoldInventory | - Select - | - Select - |
Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyCashCost of Goods SoldInventory | - Select - | - Select - | |
June 2 | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsCashSales | - Select - | - Select - |
Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Goods Sold | - Select - | - Select - | |
Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCash | - Select - | - Select - | |
Oct. 23-reinstate | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Goods Sold | - Select - | - Select - |
Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCash | - Select - | - Select - | |
Oct. 23-collection | Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCash | - Select - | - Select - |
Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsCashSales | - Select - | - Select - |
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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