Journal entries for bad debts

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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

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