Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that
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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:
Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $5,000. The cost of goods sold was $2,200.
June 2. Received $400 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 $4,600 cash in full payment.
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Related Book For
Financial And Managerial Accounting
ISBN: 9780357714041
16th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William Tayler
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