Question: Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that

Entries for Uncollectible Accounts, using Direct Write-Off Method

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, $48,800. The cost of goods sold was $26,400.
June 2 Received $13,200 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 $35,600 cash in full payment.

If an amount box does not require an entry, leave it blank.

Jan. 19-sale

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashSales

- Select - - Select -

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashSales

- Select - - Select -
Jan. 19-cost

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyCashCost of Goods SoldInventorySales

- Select - - Select -

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyCashCost of Goods SoldInventorySales

- Select - - Select -
June 2

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsCashCost of Goods SoldSales

- Select - - Select -

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Goods SoldSales

- Select - - Select -

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashCost of Goods Sold

- Select - - Select -
Oct. 23-reinstate

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCost of Goods SoldSales

- Select - - Select -

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashCost of Goods Sold

- Select - - Select -
Oct. 23-collection

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsBad Debt ExpenseCashCost of Goods Sold

- Select - - Select -

Accounts Payable-Dr. Kyle NorbyAccounts Receivable-Dr. Kyle NorbyAllowance for Doubtful AccountsCashCost of Goods SoldSales

- Select -

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

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

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!