Question: Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts. 20-1 Feb. 16 Mar. 23 June 8 Sold merchandise on account

 Lee and Chen Distributors uses the direct write-off method in accounting
for uncollectible accounts. 20-1 Feb. 16 Mar. 23 June 8 Sold merchandise
on account to Biggs and Daughters, $16,000. Sold merchandise on account to
Lloyd Place, $12,800. Received $12,000 from Biggs and Daughters and wrote off
the remainder owed on the sale of February 16 as uncollectible, Sept.
27 Received $7,000 from Lloyd Place and wrote off the remainder owed

Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts. 20-1 Feb. 16 Mar. 23 June 8 Sold merchandise on account to Biggs and Daughters, $16,000. Sold merchandise on account to Lloyd Place, $12,800. Received $12,000 from Biggs and Daughters and wrote off the remainder owed on the sale of February 16 as uncollectible, Sept. 27 Received $7,000 from Lloyd Place and wrote off the remainder owed on the sale of March 23 as uncollectible. Reinstated the account of Biggs and Daughters, which had been written off on June 8, and received $4,000 cash in full settlement. Nov. 18 Sept. 27 Received $7,000 from Lloyd Place and wrote off the remainder owed on the sale of March 23 as uncollectible Reinstated the account of Biggs and Daughters, which had been written off on June 8, and received $4,000 cash in full settlement. Nov. 18 20-2 Jan. 11 Reinstated the account of Lloyd Place, which had been written off on September 27 of the previous year, and received $5,800 cash in full settlement. Required: Record these transactions in general journal form. Record these transactions in general journal form during the year 20-1. General Journal Instructions PAGE 1 GENERAL JOURNAL ACCOUNT TITLE POST. REF. DEBIT CREDIT General Journal General Journal Record these transactions in general journal form during the year 20-2. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT

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!