Comos Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions
Question:
Como’s Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:
20-1
May 8 Wrote off $1,745 owed by Vickie Lawrence, who has no assets.
July 15 Wrote off $1,300 owed by Dan Utter, who declared bankruptcy.
Sept. 2 Reinstated the account of Vickie Lawrence, which had been written off on May 8, and received $1,745 cash in full settlement.
20-2
May 15 Reinstated the account of Dan Utter, which had been written off in the previous year, and received $1,300 cash in full settlement.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: