Question: Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $3,160 from William Pruitt and wrote off

Allowance Method

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:

Oct. 2. Received $3,160 from William Pruitt and wrote off the remainder owed of $6,000 as uncollectible. If an amount box does not require an entry, leave it blank.

Oct. 2

Dec. 20. Reinstated the account of William Pruitt and received $6,000 cash in full payment. If an amount box does not require an entry, leave it blank.

Reinstate

Collection

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