Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. Apr. 1...

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Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,500. The cost of goods sold is $5,000. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. Apr. 1 Accounts Receivable-Jim Dobbs Sales Apr. 1 Cost of Goods Sold Inventory 7,500 7,500 5,000 5,000 June 10 Cash Bad Debt Expense Accounts Receivable-Jim Dobbs 7,500 Oct. 11 Accounts Receivable-Jim Dobbs Oct. 11 Bad Debt Expense Cash Accounts Receivable-Jim Dobbs A partially completed aging of receivables schedule for Torme Designs follows: a. Determine the amount estimated to be uncollectible by completing the aging of receivables schedule. Round calculations to the nearest dollar. Estimate of Estimate of Uncollectible Accounts Uncollectible Accounts Age Interval Balance Percentage Amount Not past due $850,000 3.50% 1-30 days past due 47,500 5.00% 31-60 days past due 21,750 10.00% 61-90 days past due 11,250 20.00% 91-180 days past due 5,060 30.00% 181-365 days past due Over 365 days past due Total 2,500 50.00% 1,140 95.00% $939,200 b. If Allowance for Doubtful Accounts has a credit balance of $1,135, journalize the adjusting entry for the bad debt expense for the year. If an amount box does not require an entry, leave it blank. Dec. 31 Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,500. The cost of goods sold is $5,000. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. Apr. 1 Accounts Receivable-Jim Dobbs Sales Apr. 1 Cost of Goods Sold Inventory 7,500 7,500 5,000 5,000 June 10 Cash Bad Debt Expense Accounts Receivable-Jim Dobbs 7,500 Oct. 11 Accounts Receivable-Jim Dobbs Oct. 11 Bad Debt Expense Cash Accounts Receivable-Jim Dobbs A partially completed aging of receivables schedule for Torme Designs follows: a. Determine the amount estimated to be uncollectible by completing the aging of receivables schedule. Round calculations to the nearest dollar. Estimate of Estimate of Uncollectible Accounts Uncollectible Accounts Age Interval Balance Percentage Amount Not past due $850,000 3.50% 1-30 days past due 47,500 5.00% 31-60 days past due 21,750 10.00% 61-90 days past due 11,250 20.00% 91-180 days past due 5,060 30.00% 181-365 days past due Over 365 days past due Total 2,500 50.00% 1,140 95.00% $939,200 b. If Allowance for Doubtful Accounts has a credit balance of $1,135, journalize the adjusting entry for the bad debt expense for the year. If an amount box does not require an entry, leave it blank. Dec. 31