T J Race Company uses the direct write off method for recording Bad Debts Expense At the beginning of 2012, Accounts Receivable has a $120,000 balance Journalize the following transactions for T J Race 2012 Mar 13 Wrote off S Rosenthalls account for $1,600 Apr 14 Wrote off P Sowells account for $55...

TJ RACE GENERAL JOURNAL Date Account Titles and Description PR D ...

T. J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning

Question:

T. J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2012, has a $120,000 balance. Journalize the following transactions for T. J. Race:
2012
Mar. 13 Wrote off S. Rosenthall’s account for $1,600.
Apr. 14 Wrote off P. Sowell’s account for $550.
2013
Nov. 8 P. Sowell paid debt of $550 that was written off April 14, 2012.
Dec. 7 Wrote off J. Minor’s account as uncollectible, $305.
Dec. 12 Wrote off D. Losee’s account for $350 from sales made on account in 2012.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...