Question: Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,300. The

for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs,

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $6,300. The cost of goods sold is $4,200. 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. April 1 Cash Accounts Receivable Jim Dobbs luni i o A partially completed aging of receivables schedule for Torme Designs is shown below. a. Determine the amount estimated to be uncollectible by completing the aging of receivables schedule. Round calculations to the nearest dollar Est. Uncollectible Accts. Age Interval Balance Percentage Amount Not past due $850,000 47.500 1-30 days past due 31-60 days past due 61-90 days past due 21,750 3.50% 5.00% 10.00% 20.00% 30.00% 11,250 91-180 days past due 5,060 181-365 days past due 2.500 .00% Over 365 days past due 140 95.00% $1,135, record the adjusting entry for the bad debt expense for the year. If an amount b. If the Allowance for Doubtful box does not require an entry

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