Journal entries for bad debts

Reference no: EM13114040

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

July 01 Received $1,500 from Jane Zeeba in partial payment of the amount owed. The remaining balance of $3,500 was written off as uncollectible.

Oct 15 Reinstated the account of Jane Zeeba and received $3,500 cash in full payment.

2.)Journalize the following transaction using the allowance method of accounting for uncollectible receivables.

July 01 Received $1,500 from Jane Zeeba in partial payment of the amount owed. The remaining balance of $3,500 was written off as uncollectible.

Oct 15 Reinstated the account of Jane Zeeba and received $3,500 cash in full payment

Reference no: EM13114040

Questions Cloud

Find the mean and standard deviation of scores : Make a his-togram of the distribution of these 31 scores. Does your plot show outliers, clear skewness, or other non- Normal features? Using a calculator, find the mean and standard deviation of these scores.

What are positive and negative externalities : Explain the term demerit goods and give examples of this and what are externalities? What are positive and negative externalities?

What are pisland and pmainland : Consider a mainland-island migration scenario where two alleles are segregating and the observed frequencies of heterozygotes are such that H=.32 for the mainland and H=.5 for the island. (These are the values of heterozygosity) What are Pisland a..

Identify the total hire/fire costs and the number of workers : Identify the total hire/fire costs and the number of workers employed at the end of October. Note: The ending inventory for October should be 0.

Journal entries for bad debts : Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.

Calculate the work done : Calculate the work done on a 2500. kg car in accelerating it from rest to a speed of 100. km/hr.

What roles do contractile, regulatory play : What roles do contractile, regulatory, and structural proteins play in muscle contraction and relaxation?

Advantages and disadvantages of lifo : FIFO means "first in, first out." This follows the assumption that the first items received into inventory are the first items sold. In some cases, this may not be true because companies often have to sell new items after old ones have become outd..

Explain variation of the data about the regression line : Use the value of the linear correlation coeffient of determinatiom. what does this tell you about the explained variation of the data about the regression line?

User Account

All Pages