Question: Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: June 2. Received $1,200 from Melissa Crone and wrote off the

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:
June 2. Received $1,200 from Melissa Crone and wrote off the remainder owed of $4,000 as uncollectible.
Oct. 9. Reinstated the account of Melissa Crone and received $4,000 cash in full payment.

Step by Step Solution

★★★★★

3.39 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

June 2 Cash 1200 Bad Debt Expense 4000 Accoun... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1139-B-A-G-F-A(11348).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Sept. 19. Received $100 from Pat Roark and wrote off the remainder owed of $500 as...

Using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 received payment for...

The allowance method of accounting for uncollectible accounts receivable involves the creation of contra account that shows the estimated amount of uncollectible receivables. Why would financial...

Direct write-off method Obj. 3 Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: June 2. Received $1,200 from Melissa Crone and...

Direct write-off method OBJ. 3 Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: June 2. Received $1,200 from Melissa Crone and...

ice 9... I NEED 1A 2A and 3A solved EE8-1 p 368 PE8-1A Direct write-off method OBJ.3 Journalize the following transactions, using the direct write-off method of accounting for uncollectible...

ce Exercises OBJ. 3 EE 9-1 p.418 PE 9-1A Direct write-off method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: June 2. Received...

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: June 2. Received $1,200 from Melissa Crone and wrote off the remainder owed of...

1. Based upon the following data, determine the cost of merchandise sold for August. Merchandise Inventory August 1 $ 75,560 Merchandise Inventory August 31 96,330 Purchases 373,880 Purchases Returns...

31. Based upon the following data, determine the cost of merchandise sold for August. Merchandise Inventory August 1 $ 75,560 Merchandise Inventory August 31 96,330 Purchases 373,880 Purchases...

Madonnas Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form: 20-1 May 5 Wrote off $2,360 owed by Neal...

Using the data on the student data set, schedule the problem in MS Project. Display and print the schedule in a Gantt Chart showing the critical path and the predecessors. The screen capture from MS...

17. A likely cause of falling Treasury bond prices might be A. expansionary monetary policy. B. contractionary monetary policy. C. a depreciating dollar. D. fiscal policy designed to reduce the...

2. What are the most important factors to consider in choosing an appropriate planning approach for a project?

What is the normal balance for each of the following accounts? (a) Accounts Receivable. (b) Cash. (c) Owners Drawing. (d) Accounts Payable. (e) Service Revenue. (f) Salaries Expense. (g) Owners...

Indicate whether each of the following accounts is an asset, a liability, or an owners equity account and whether it has a normal debit or credit balance: (a) Accounts Receivable, (b) Accounts...

For the following transactions, indicate the account debited and the account credited. (a) Supplies are purchased on account. (b) Cash is received on signing a note payable. (c) Employees are paid...

QUESTION 4 8 A projected negative annual cash flow indicates: a . Projected cash inflows are less than projected cash outflows. b . Net farm income will be negative. c . Depreciation expense is too...

Suppose a life insurance company sells a $220,000 one-year term life insurance policy to a 22-year-old female for $370. The probability that the female survives the year is 0.999608. Compute and...

You purchased 2,600 shares in the New Pacific Growth Fund on January 2, 2010, at an offering price of $41.60 per share. The front-end load for this fund is 5 percent, and the back-end load for...