printUntakenAssignment.do?assignmentid 686751 CengageNowv2 1 Online teaching and

Question

printUntakenAssignment.do?assignmentid 686751 CengageNowv2 1 Online teaching and learming resource from Cengage Learning Entries for Uncollectible Accounts, using Direct Write-Off Method Joumalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible recelvables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $57,600. The cost of goods sold was $31,100 2 Received $13,800 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. 3 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $43,800 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate 23-collection MacBook Air

Explanation / Answer

Jan-19 Accounts receivable 57600           Sales revenue 57600 Jan-19 Cost of goods sold 31100          Inventory 31100 Jun-02 Cash 13800 Bad debts expense 43800     Accounts receivable 57600 Oct-23 Accounts receivable 43800       Bad debts expense 43800 Oct-23 Cash 43800     Accounts receivable 43800

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